Norddeutsche Affinerie upgraded to "hold"

04.06.08 - UniCredit Markets & Investment Banking

LONDON, June 4 (newratings.com) - Analyst Christian Obst of UniCredit Markets & Investment Banking upgrades Norddeutsche Affinerie AG (NDA) from "sell" to "hold." The target price has been raised from ?24 to ?32.

In a research note published this morning, the analyst mentions that the company?s underlying business was robust in 1H, aided by strong demand in the wire rod business and high capacity utilisation in copper production. Norddeutsche Affinerie has raised its synergy guidance related to the acquisition of Cumerio from ?15-?20 million to ?20-?40 million. The company is expected to raise capital going forward due to additional acquisitions, the analyst says.