Berenberg Bank analyst Sebastian Bray maintained a Hold rating on Covestro (0RBE – Research Report) today and set a price target of €58.00. The company’s shares closed yesterday at €55.57.
According to TipRanks, Bray is an analyst with an average return of -1.0% and a 47.73% success rate. Bray covers the Basic Materials sector, focusing on stocks such as BASF SE, LANXESS, and Wacker Chemie AG.
In addition to Berenberg Bank, Covestro also received a Hold from UBS’s Geoff Haire in a report issued on September 9. However, today, Jefferies maintained a Buy rating on Covestro (LSE: 0RBE).
Based on Covestro’s latest earnings release for the quarter ending December 31, the company reported a quarterly revenue of €3.96 billion and a GAAP net loss of €899 million. In comparison, last year the company earned a revenue of €4.34 billion and had a net profit of €302 million
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Covestro (0RBE) Company Description:
Covestro, formerly Bayer Material Science, was spun off from the Bayer Group in 2015. The firm is a market leader in polyurethanes and polycarbonates, products that the company discovered in the mid-20th century. It also has a sizable speciality chemicals business that is focused on coatings and adhesives. Demand for Covestro’s products is driven primarily by cyclical end markets, such as automotive, construction, and furniture.
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