Umicore upgraded to Overweight from Underweight at JPMorgan

JPMorgan upgraded Umicore to Overweight from Underweight with a price target of EUR 16.50, down from EUR 22.50. The firm had held “a structurally bearish view” on Umicore since 2020, but “repeat disappointments” in the battery materials business means that the firm’s previous bear-case on this business is now well understood by the market, the analyst tells investors. Meanwhile, the firm’s refreshed sum-of-the-parts valuation scenarios suggest that the risk-reward is now more attractive, the analyst added.