Morganin Stanley laskee Euroopan stainless fimojen tavoitehintoja ao saatesanoilla.
No eipä tuosta Outsan uudestakaan tavoitehinnasta voi kuin haavaille…
Morgan Stanley: 4,70 (Overweight) → 4,30 EUR & Equal Weight
Acerinoxin päivän hinta on 9,22 eur (-0,75% tänään)
Aperamiin -".- 26,38 eur (-1,57% tänään)
Outsa 3,375 eur ja -3,57% tänään
** Morgan Stanley sees better risk-reward in European carbon steel stocks after China’s policy pivot, as stainless steel makers may see possible benefits with a lag
** It sees a clearer path to better demand prospects for the ferrous metals, such as iron ore, coking coal and carbon steel, and base metals
** MS points to stainless steel sector’s greater exposure to consumer demand, which has a limited chance of meaningful stimulus in the near term, and notes Chinese stainless steel exports have been less of a drag for the sea-borne market
** It sees mixed signals into Q3 results, as Europe’s recovery prospects are sluggish and there is increasing evidence of a U.S. slowdown
** It downgrades Outokumpu OUT1V.HE to “equal weight” on weaker earnings momentum, growth capex uncertainties and fading valuation discount to peers
** MS adds Outokumpu, unlike its peers, is purely focused on stainless steel with no meaningful diversification to more defensive earnings pillars, such as speciality alloys
** Morgan Stanley sees better risk-reward in European carbon steel stocks after China’s policy pivot, as stainless steel makers may see possible benefits with a lag
** It sees a clearer path to better demand prospects for the ferrous metals, such as iron ore, coking coal and carbon steel, and base metals
** MS points to stainless steel sector’s greater exposure to consumer demand, which has a limited chance of meaningful stimulus in the near term, and notes Chinese stainless steel exports have been less of a drag for the sea-borne market
** It sees mixed signals into Q3 results, as Europe’s recovery prospects are sluggish and there is increasing evidence of a U.S. slowdown
** It downgrades Outokumpu OUT1V.HE to “equal weight” on weaker earnings momentum, growth capex uncertainties and fading valuation discount to peers
** MS adds Outokumpu, unlike its peers, is purely focused on stainless steel with no meaningful diversification to more defensive earnings pillars, such as speciality alloys
RATING AND PT CHANGES:
COMPANY RATING OLD RATING PT OLD PT Outokumpu Equal weight Overweight EUR 4.30 EUR 4.70 Acerinox ACX.MC Overweight n/a EUR 13.20 EUR 13.80 Aperam APAM.AS Equal weight n/a EUR 30.00 EUR 31.00
Sen enempää dataa kattomatta, en muista näin pitkää heikkoa kysyntäjaksoa. Toisaalta eipä Kiina ole tainnut olla näin heikko makromielessä, joten heijastevaikutukset ovat myös sen mukaiset.
