Goldman Sachs analyst Georgina Fraser assumed coverage and downgraded Umicore to Sell from Neutral with a EUR 19 price target as part of a broader research note on European Chemicals. The company is among the least favourably positioned companies in the firm’s coverage from a supply-side perspective, and one of the most at risk from the structural headwinds from Chinese OEM content requirements and market share gains, the analyst tells investors in a research note. Goldman Sachs added that it is cautious on the outlook for the Recycling division, noting that the hedging policies Umicore enacted for the Recycling business will moderate profitability upside from PGM price volatility and reduce its attractiveness to any potential acquirer.
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