Umicore surges after Goldman upgrade on recycling upside

Umicore SA

13/05/2026 09:44

** Umicore UMI.BR up as much as 15% after Goldman Sachs upgrades the Belgian materials group to "buy" from "neutral", saying it sees strong upside in the recycling business

** The broker lifts its price target by 57% to 33 euros, expecting recycling profits to grow through 2028 as activity stays high and metal prices move in its favour

** It also raises its forecasts for the specialty materials unit, pointing to strong demand for cobalt and germanium, driven by AI-related fibre growth and Chinese export curbs

** Goldman says Umicore's hedging, which had previously been limiting gains from higher metal prices, should ease in the coming years

** The broker says the improved outlook justifies a higher valuation, citing the importance and limited supply of germanium-based products

** Of 17 analysts covering Umicore, 10 rate the stock "buy" or "strong buy", five "hold" and two "sell" or "strong sell" - LSEG data

** Stock hits highest since Oct 2023, bringing YTD gains to over 41%

 (Reporting by Jakob Van Calster)

 ((jakob.vancalster@thomsonreuters.com))