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Vienna Stock Exchange: Winners and Losers (2012-06-08)

Published: June 8, 2012; 11:39 · (Vindobona)

Daily News Flash from Vienna Stock Exchange: Upgrades and Downgrades, Analyzes and Comments.

Vienna Stock Exchange: Winners and Losers (2012-06-08) / Picture: © Vindobona.org

ING analyst Timothy Crowley sees only a moderate effect of the Moody's downgrades for Raiffeisen and Erste Group. ING recommends both stocks at Buy. The price target for Erste is € 24.00 and for Raiffeisen € 29.3.

Berenberg Bank confirmed Schoeller Bleckmann at Buy and price target € 76.00. Analysts were on a roadshow in Zurich together with Schoeller-Bleckmann’s (SBO) CEO, Mr Grohmann. According to analysts, the positive view on the company has been confirmed. Contrary to increasing speculation that the low gas price in the US as well as overcapacities in the area of pressure pumping may burden demand, Mr Grohmann indicated that he can see no slowdown, Berenberg states. In particular, the latter has no effect on directional drilling, according to SBO. Moreover, the healthy run rate in orders seen since Q3 2011 is said to continue.

Berenberg Bank recommends Amag at Buy and price target € 22.5. Austria Metall AG held its first capital markets day this week on its downstream site in Ranshofen, Austria. The presentations and site visit strongly confirmed analysts positive view on the company. While growth opportunities are limited over the coming quarters due to operation at capacity limits and low aluminium prices, Amag is well prepared for expansion in the medium to long term, analysts say. The company is targeting to achieve 1 bn euros in sales by 2016 only on the back of its downstream expansion, which is largely in-line with analysts own estimates. Together with the outlook on growth, Amag’s strong cash conversion (opCF ex WC/EBITDA from 2009-11 of 95%) and considering its competitive advantages, analysts come away highly affirmative of their Buy recommendation and price target. As a medium- to long-term investment, Amag offers strong earnings growth potential well beyond 2015, analysts say.