Siegfried upgraded to Hold from Sell at Stifel

Stifel upgraded Siegfried (SGFEF) to Hold from Sell with a price target of CHF 975, up from CHF 900. The firm has seen its thesis “largely play out” following the fiscal year results and now sees limited room for the stock to rerate in light of tepid first half guidance and an expected mid-single digit negative revision to medium-term EBITDA forecasts, the analyst tells investors.