Goldman Sachs Upgrade Lifts Renk Amid UBS Buying Spree
Renk Group shares have regained some ground after Goldman Sachs upgraded its rating on the Augsburg-based drive systems maker, citing attractive valuation and a well-telegraphed growth trajectory.
The move by Goldman Sachs, which follows a string of positive ratings from other banks including Barclays, JP Morgan, Warburg Research, and Deutsche Bank, has helped alleviate some of the selling pressure that has weighed on Renk's share price in recent months.
Goldman's upgrade comes with a 12-month price target of EUR 65, which would represent a significant gain from the current level of around EUR 41.89.
UBS has also been buying into Renk, crossing the reporting threshold and holding 5.08% of the company's voting rights, with 1.1% held directly in shares and 3.98% via derivative financial instruments.