Umicore upgraded to Neutral from Sell at Goldman Sachs

Goldman Sachs analyst Georgina Fraser upgraded Umicore (UMICY) to Neutral from Sell with a EUR 9.20 price target Goldman noted that after “42 months of negative consensus revisions and share price de-rating,” the firm sees no reason for further downwards adjustments to estimates for Umicore, and furthermore, the firm now sees sources of potential upside – including E.U. policy support, strategic pivot potential, more persistent Catalysis strength, and E.U. defense spending.