DNB Markets downgrades Hexagon Composites from buy to hold, while also raising the price target from NOK 30 to NOK 31. This appears from an analysis from the brokerage house on Wednesday evening.
The reason for the downgrade is due to the share’s price rise of almost 50 per cent during the last month, adjusted for the distribution of Hexagon Purus shares. The brokerage house believes that the strong rise has eaten up the upside potential, writes TDN.
DNB Markets nevertheless expects a faster improvement in the margins for Hexagon Agility and has therefore adjusted the ebitda estimates for 2023 by 8 per cent, it is stated.
In addition to DNB Markets’ downgrade, SpareBank 1 Markets has also chosen to downgrade Hexagon Composites from buy to neutral. At the same time, they cut the price target from NOK 33 to NOK 30.
The brokerage believes that the valuation of Hexagon currently seems reasonable, after the significant rise in the share price in July. SpareBank 1 Markets also believes that Hexagon can deliver better results for the second quarter than previously feared, as disruptions in the supply chain appear to have subsided since the first quarter, according to TDN.
There are a total of 5 buy recommendations, 2 hold recommendations and no sell recommendations on the share.
2023-08-03 10:47:26
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