Umicore slips after Kepler Cheuvreux cuts it to 'hold' on limited growth

Umicore SA

31/01/2025 08:55

** Shares in Umicore  UMI.BR  fall as much as 7.2% to their lowest since
late December after Kepler Cheuvreux cut its rating on the metals recycler and
battery materials producer to "hold" from "buy"
    ** The broker sees limited mid-term earnings growth but says that after the
stock lost 60% in 2024, this seemed to be priced in
    ** It adds that Umicore is unlikely to announced drastic measures for its
struggling battery materials business during capital markets day on March 27,
and believes the event will not be able to reassure investors on the company's
return objective
    ** It slashes its PT on the stock by 42% to 10.50 euros, seeing risk/reward
more balanced
    ** At 0849 GMT the shares are down around 4%

 (Reporting by Mateusz Rabiega)
 ((Mateusz.rabiega@thomsonreuters.com))