Jefferies Rates Salzgitter As 'Hold' With A Price Target Of €16.90

Analyst Approach

Jefferies analyst Andreas Willi maintained a 'Hold' rating on Salzgitter, setting a price target of €16.90, in a research note sent to clients on Thursday.

The analyst believes that the company's earnings trajectory is going to be below consensus expectations in the near term, which is reflected in the price target.

Willi is forecasting the company to generate €1.3 billion in EBITDA in 2023, while the consensus estimate is €1.4 billion.

Company Performance

The 'Hold' rating comes after Salzgitter reported its financial results for the first quarter, in which it said it was lowering its EBITDA guidance for 2023.

The company now expects EBITDA to be between €1.1 billion and €1.3 billion this year, down from the previous guidance of €1.3 billion to €1.5 billion.

Salzgitter shares were trading down 2.7% at €16.33 on Thursday morning in Frankfurt.