Jungheinrich downgraded to "hold"

15.05.08 - LB Baden-Württemberg

LONDON, May 15 (newratings.com) - Analysts at LB Baden-Württemberg downgrade Jungheinrich AG (JUN3) from "buy" to "hold," while reducing their estimates for the company. The target price has been reduced from ?26 to ?24.

In a research note published this morning, the analysts mention that the company has posted its 1Q results in-line with the estimates. The industrial truck market is deteriorating at a faster rate than previously anticipated and Jungheinrich?s incoming order growth is likely to lose momentum in the forthcoming quarters, the analysts add. The EPS estimates for 2008, 2009 and 2010 have been reduced from ?2.66 to ?2.60, from ?2.94 to ?2.76 and from ?2.96 to ?2.78, respectively.