General market situation: European markets are mostly higher during Monday’s trading session. The German DAX on the cash market is adding almost 0.55% (the DE40 contract is gaining only 0.1%). Today, investors’ attention is turning to US retail sales data. Furthermore, investors should pay attention to any comments regarding possible changes in customs/peace talks between Russia and Ukraine.
On the broader European market, we are observing good investor sentiment. In fact, one sector that is recording clear declines is fashion. Source: xStation
The German DE40 index is gaining 0.1% intraday today. The most important support for the index remains the 50-day EMA (blue line on the chart) and the support area of the consolidation zone near 21,230 points. Technically, DE40 is still maintaining a stable upward trend. Source: xStation
Corporate News:
Volkswagen (VOW1.DE) shares are up nearly 3% today after concerns about a possible sale of shares by Porsche (PAH3.DE) were dispelled.
Siltronic (WAF.DE) shares are down 1.5% as Jefferies downgrades the semiconductor equipment maker to “hold” from “buy,” warning that the outlook for the company remains challenging. The recovery in end markets is slower than initially expected, and the recent slowdown in energy applications is adding uncertainty and further limiting capacity. Free cash flow is expected to remain negative in 2025 and 2026, although the existing “cash cushion” limits the need to raise additional capital. The target price is down to €50 from €90.
Rate upgrades:
- Kion raised to overweight at Barclays; PT 52 euros
Recommendation downgrades:
- LEG Immobilien downgraded to “hold” at Deutsche Bank; PT 74 euros
- Puma downgraded to “add” at Baader Helvea; PT 25 euros
- Siltronic downgraded to “hold” at Jefferies; PT 50 euros
- Vonovia downgraded to “hold” at Deutsche Bank; PT 28 euros
New recommendations:
- Bahnhof rated “buy” at Pareto Securities; PT 62 kroner
- Metlen rated “buy” at Berenberg; PT 51 euros
Other news from individual DAX companies. Source: Bloomberg Financial LP
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