Banca Akros cuts Unieuro, flagging downward trends for its market

Unieuro SpA

13/09/2023 11:38

** Banca Akros downgrades Italy's Unieuro  UNIR.MI  to
"reduce" from "neutral", as it becomes even more conservative on
the name 
    ** The electronics and household appliances retailer's
shares fall 9.35% 
    ** The broker cites a downtrend tendency in the market of
appliances following peer Esprinet's  PRT.MI 
lower-than-expected H1 results
    ** The broker says it's turning even more conservative on
Unieuro's guidance for flat FY sales and adj. EBIT of 35-38 mln
euros ($38-41 million) 
    ** It slashes Unieuro's PT by 29% to 8.5 euros, which is
17.2% below the stock's Tuesday closing price of 10.27 euros
    ** Shares are on track for their worst day since March 2020


($1 = 0.9317 euros)

 (Reporting by Alessandro Parodi)
 ((alessandro.parodi@thomsonreuters.com))