Umicore upgraded to Buy from Neutral at Goldman Sachs

Goldman Sachs analyst Georgina Fraser upgraded Umicore (UMICY) to Buy from Neutral with a price target of EUR 16, up from EUR 8.40. The firm sees risk/reward on the stock as increasingly positive given the management’s more realistic perception of the competitive landscape in battery materials, BM, and the strategic pivot towards value recovery vs. growth, its increased confidence in BM take-or-pay contracts, and Umicore’s improving earnings momentum on the back of higher metal prices, the analyst tells investors in a research note.