Gold prices near 3-week lows as stronger dollar, trade progress weigh
Investing.com - JPMorgan downgraded Knorr-Bremse AG (ETR:KBX) to neutral from overweight on Wednesday, maintaining a price target of EUR93.00, citing limited upside after the stock’s strong year-to-date performance.
The German braking systems manufacturer has seen its shares rise 21% year-to-date, outperforming both the broader sector and its key European customers in rail and truck markets, according to JPMorgan’s analysis.
The investment bank expects downside to consensus estimates in the second quarter, driven by weakness in the North American truck market and headwinds from exchange rates, with orders, revenue and adjusted EBIT estimates 5%, 3%, and 3% below consensus, respectively.
JPMorgan has lowered its 2025/26 operating EBIT estimates for Knorr-Bremse by 3% and 5%, reflecting updated exchange rates and assumptions about the North American truck market.
The bank also noted it expects limited benefits in the near term from German stimulus measures and sees a lack of catalysts in the second half of the year for the stock to continue outperforming.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.