Morgan Stanley downgraded Thyssenkrupp (TKAMY) to Underweight from Equal Weight with a price target of EUR 6.60, up from EUR 3.90. The shares are now trading at a premium to the sum-of-the-parts, driven higher by heightened optimism around German defense and infrastructure spending, the analyst tells investors in a research note. The firm sees a “stretched valuation” at current levels.
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Read More on TKAMY:
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