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Investing.com - Berenberg downgraded Trifork Holding AG (CSE:TRIFOR) stock rating from Buy to Hold on Thursday, while reducing its price target to DKK100.00 from DKK130.00.
The downgrade reflects Berenberg’s assessment that challenges facing the IT services company may be more persistent than initially anticipated, despite some operational improvements.
Berenberg noted that Trifork’s shares are not trading at a discount compared to industry peers, particularly when evaluating cash-flow multiples, making the current valuation less compelling.
The research firm had previously justified Trifork’s premium valuation based on the company’s higher growth prospects and strong corporate culture.
After two years of underperformance, however, Berenberg now believes Trifork must demonstrate improved execution before regaining investor confidence, prompting the more cautious rating.
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