Jefferies lowers target for Covestro to 44 euros Buy MarketScreener

NEW YORK (dpa-AFX Broker) – Analysts Jefferies lowered its price target for Covestro from 45 to 44 euros and left its rating at “buy.” Analyst Chris Counihan reduced estimates for operating profit (Ebitda) by two percent annually in each of his valuation periods in a report released Tuesday. The chemical group has not yet succeeded in improving sales and profitability of its products. The fact that it may have performed better than expected in the first quarter is due to cost control, not demand for the plastics group’s products, he said. However, he said the stock is his favorite from…