BHF Bank Retains Kloeckner Overweight Rating
1040 GMT [Dow Jones] BHF Bank retains its overweight rating on Kloeckner & Co. (KCO.XE) stock and target price of EUR21 after the company said it is introducing new profitability measures. "The remaining share price potential is huge," says the bank, adding that Kloeckner responded quickly to uncertain market conditions. However, risks for the company include lower-than-expected demand from customers, due to the "recent financial market turbulence," and problems integrating recent acquisitions in the US and Brazil. BHF lowers its 2011 Ebitda forecast for Kloeckner to EUR294 million from EUR311 million, but leaves its 2012 and 2013 forecasts unchanged. Shares are up 5.3% at EUR10.14.(nicky.redl@dowjones.com) |