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Investing.com - Deutsche Bank has lowered its price target on DSM-Firmenich AG (AS:DSFIR) to €105.00 from €120.00 while maintaining a Buy rating on the stock.
The price target reduction follows recent meetings between Deutsche Bank analysts and DSM-Firmenich CFO Ralf Schmeitz, resulting in downward revisions to the bank’s 2025-2027 EBITDA forecasts by 1-6%.
Deutsche Bank now forecasts 2025 EBITDA of €2,304 million, approximately 4% below the company’s guidance and 2% below Bloomberg consensus, while its 2026 EBITDA forecast of €2,216 million sits 5% below consensus estimates.
For the third quarter, Deutsche Bank projects core business organic sales growth of 2.4%, slightly lower than the 3.1% growth recorded in Q2, with group adjusted EBITDA expected to decline 2% year-over-year to €532 million, 8% below consensus.
The bank anticipates continued weakness in the Performance & Business division with a year-over-year EBITDA decline, flat EBITDA in the TTH division, and modest growth in the HNC division, with the price target reduction primarily attributed to operational downgrades and slightly lower long-term margin assumptions.
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