Citi analyst Ranulf Orr downgraded Umicore to Neutral from Buy with a price target of EUR 22, down from EUR 40. The surprise departure of the company’s CEO and CSO suggests the board no longer believes in Umicore’s strategy, particularly for the battery materials business, the analyst tells investors in a research note.
Claim 30% Off TipRanks
- Unlock hedge fund-level data and powerful investing tools for smarter, sharper decisions
- Discover top-performing stock ideas and upgrade to a portfolio of market leaders with Smart Investor Picks
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
Read More on UMICY: