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Investing.com - Deutsche Bank (ETR:DBKGn) raised its price target on Norma Group SE (ETR:NOEJ) to EUR17.00 from EUR14.00 on Wednesday, while maintaining a Hold rating on the stock.
The price target increase follows Norma Group’s Q2 earnings results, which exceeded expectations primarily due to lower material costs and improved price/mix performance in the Americas region. Despite the positive results, Deutsche Bank has kept its Hold recommendation unchanged.
Norma Group confirmed its guidance following the solid quarterly performance, noting it has successfully passed on over 90% of additional duties from the U.S. administration to customers, minimizing risks for the second half of the year.
The company has initiated a four-year transformation program aimed at delivering cumulative net savings of EUR30 million by 2028, supporting its mid-term goal of achieving double-digit margins, particularly after the planned divestment of its Water business.
Deutsche Bank noted that while no specific details were provided about the Water business divestment process, Norma Group confirmed it is progressing well, with proceeds expected to be used for reducing leverage, acquiring an industry business, and returning cash to shareholders.
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