Bechtle "hold," target price reduced

20.03.09 - Close Brothers Seydler Research

LONDON, March 20 (newratings.com) - Analysts at Close Brothers Sedler Research AG maintain their "hold" rating on Bechtle AG (BC8). The target price has been reduced from ?14 to ?13.

In a research note published this morning, the analysts mention that the company has posted healthy revenue, gross margins and EBIT growth for 2008. Bechtle?s revenues are likely to decline by 10% in the first quarter due lower customer investments and delay in projects, the analysts say.