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Investing.com - Kepler Cheuvreux raised its price target on Thyssenkrupp AG (ETR:TKAG) (ETR:TKA) (OTC:TYEKF) to EUR11.70 from EUR10.50 on Monday, while maintaining a Buy rating on the German industrial conglomerate’s stock.
The research firm expects Thyssenkrupp to post an adjusted EBIT of EUR148 million in Q3, showing improvement after a weak Q2, though the recovery may be more modest than initially anticipated.
Kepler Cheuvreux cut its operating level estimates by 12% for FY 2024/25, positioning its forecast at the low end of Thyssenkrupp’s guidance and 5% below consensus, noting that reaching the company’s targets will require a strong Q4 performance.
Despite these downward revisions, the higher price target reflects increased multiples and limited revisions for FY 2025/26, according to the research note.
The firm continues to favor Thyssenkrupp’s portfolio restructuring strategy, specifically highlighting potential upcoming news regarding the Marine Systems spin-off and discussions about the 50/50 joint venture for Steel Europe.
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