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RENK stock upgraded as Deutsche Bank sees 27% upside following CMD

EditorEmilio Ghigini
Published 09/11/2024, 04:43 AM
RENK
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On Wednesday, Deutsche Bank raised its rating on RENK Group AG (R3NK:GR) stock from Hold to Buy, maintaining a price target of €29.00. The adjustment follows RENK's first Capital Markets Day (CMD) held on September 10, which initially left the market with a muted response.


Deutsche Bank attributes this to some initial confusion regarding the company's medium-term guidance and long-term goals, which has since been clarified.


The CMD provided an outlook that Deutsche Bank views as a strong indication of RENK's confidence in its growth potential through 2028-2029. The details presented during the event align with Deutsche Bank's projections, reaffirming their financial year 2024 and medium-term estimates for the company.


Deutsche Bank emphasizes the attractive potential of RENK's stock, pointing to a 27% upside based on the confirmed €29.00 price target. This upside has been a significant factor in the decision to upgrade the stock to a Buy rating. The bank acknowledges the risks associated with the share overhang and the fact that Triton still holds a 52% ownership stake in RENK.


The bank's commentary suggests a belief in RENK's strategic direction and its ability to achieve the outlined targets. Despite the presence of certain risks, the bank's stance indicates a positive outlook on the company's stock performance moving forward.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.

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