Tuesday May 6, 02:50 PM
Pfleiderer downgraded to "hold"
By Dresdner Kleinwort Wasser.
LONDON, May 6 (newratings.com) - Analysts at Dresdner Kleinwort downgrade Pfleiderer AG (Xetra: 676474 - news) (ticker: PFD4) from "add"
to "hold," while reducing their estimates for the company. The target price has been reduced from E18 to E14.
In a research note published this morning, the analysts mention that the company has reported weaker-than-expected 1Q results due to the weak performance of its Poland operations. Pfleiderer' results for the latest quarter were also negatively impacted by the IFRS hedge accounting of financial derivatives, the analysts add. The EPS estimates for 2008 and 2009 have been reduced by 40% and by more than 20%, respectively, reflecting lower assumptions for the company's Eastern European and North American particle board activities.
© 2008 New Ratings
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