New York, October 23 (FinanceEnquiry.com) – Analyst Uwe Schupp at Deutsche Bank Securities downgrades rating on the shares of Bechtle (BC8G.DE) from BUY to HOLD. The 12-month target price has been reduced from E37 to E33.
In a research note published on October 22, the analyst mentions that a common demand deceleration in the IT service market of Germany for the duration of third quarter, the length and breadth of which is ambiguous for this time, is recommended by the customary checks along the IT service value chain, to a certain extent completed in combination with the latest preliminary note on Cancom and affirmed by further checks in current days.
In addition to this, the company is continuously been observed as a compelling multi-year story and moreover this, the total investment case for Bechtle stays untouched. On the other hand, the lack of earnings growth is supposed not to be a driver for the stock of company and this is said on 9 months to 12 month basis, the analyst adds further.
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