Cherry AG : Downgrade to Neutral due to lower outlook and limited positive catalysts
>Recommendation and TP lowered - Yesterday morning Cherry issued a press release communicating its revised 2022 guidance. The company also provided its Q2 unaudited figures, which were not very exciting, in our view. This leads us to lower our recommendation to Neutral and reduce our TP to € 10.3. For 2022 management now expects revenues of between € 150-170m and an adjusted EBITDA margin of 14-19%. This implies a cut of € 20m on the top line and 8pts on the adjusted ...
Oddo Securities provides securities brokerage and research services. The company offers equity, economic, and derivatives research and credit analysis services. It focuses on insurance, automotive, building materials, pharmaceuticals, telecommunications, information technology, and agri-food industries.
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