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Investing.com - UBS upgraded Voestalpine AG (VIE:VOE) (OTC:VLPNF) from Neutral to Buy and raised its price target to EUR43.00 from EUR26.00, representing a 65% increase in valuation.
The upgrade is primarily driven by expectations that Voestalpine’s Steel Division, largely an EU pure play, would benefit significantly from planned European Union quota cuts that UBS believes are likely to materialize.
UBS also highlighted Voestalpine’s Railway Systems division, which is projected to grow at a 6% compound annual growth rate over the next five years due to infrastructure investment, including in Germany.
Despite Voestalpine shares already appreciating year-to-date on this news, UBS stated that the EU quota cuts are not fully reflected in consensus estimates or the current share price.
The firm increased its EBITDA estimates for Voestalpine by 6%, 21%, and 29% for the next three fiscal years, while noting it maintains a Buy rating on SSAB with a SEK76.5 price target, another stock expected to benefit from the EU quota cut theme.
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