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Daldrup & Söhne AG downgraded to “hold”

Alexander Richter 8 Jan 2009

As reported by Reuters, shares in the German geothermal drilling company Daldrup & Söhne AG, which is listed on the Frankfurt Stock Exchange (4DSG.DE - Reuters) were just downgraded by Equinet.

As reported by Reuters, shares in the German geothermal drilling company Daldrup & Söhne AG, which is listed on the Frankfurt Stock Exchange (4DSG.DE – Reuters) were just downgraded by Equinet. The company is active in the geothermal drilling business in Germany, both for shallow and deep drilling projects. Daldrup is also involved in the geothermal development in Bavarian Molasse basin in Germany.

Equinet downgraded the stock today from “accumulate” to “hold” and lowers its target price to 25 EUR from 34 EUR. The 52-week high of the company is about 39 EUR and the 52-week low at 16 EUR. The result saw a drop of about 2.9% today.

“As done with other companies in our renewables universe, we have lowered our estimates for Daldrup in order to reflect the potential impact of 1) a later delivery and thus operation of the new deep drilling rigs and 2) a worse macro-economic environment,” Equinet writes in a note.

Source: Reuters UK