For the first in the last three years, CaixaBank BPI believes that it is a good time to put Acerinox securities in the portfolio, and improves its recommendation from the previous hold to take positions. The last time the entity gave him the best possible advice was in July 2021.
In Wednesday’s review, CaixaBank also raised the steel company’s target price for the first time since February 2024, since the only changes it had made throughout the year in this regard were downwards. Now, the firm sees Acerinox shares at 12 euros (from the previous 11 euros), which represents an upward potential of 29% from current levels. The group of experts that brings together Bloomberg gives you an increase margin of almost 41%, up to 13.10 euros.
CaixaBank is not the only one that improves the steel company’s recommendation in the month of December. JP Morgan already did it the first week of the month, changing its sell sign to maintaining its securities. An improvement that boosted Acerinox within The Ibex League of elEconomista.es, which is the combination that this medium makes from a combined algorithm of the FactSet consensus and Bloomberg. Now, Acerinox occupies fifth position in the ranking, only behind Rovi, Puig, Sacyr and Logista, after having climbed one place in the last week.
Although the steel company is not finding particularly favorable winds on the stock market in 2024, with a correction that exceeds 12% – but which does not place it among the ten worst on the Ibex 35 -, the company does have the levers necessary to face the coming years, according to Renta 4. “We anticipate a normalization of the sector from 2025 in which Acerinox will be able to maintain ebitda levels above 600 million, clearly above the 299 million average in the 2008/2020 period; however, the price is below the average of 11.0 euros in said period.
And they add that “Acerinox’s price does not reflect the real value of the group or the success of a strategy that in recent years has allowed it to obtain EBITDA figures that double those of the previous decade.”
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