Share price reaction overdone; Upgrade to BUY PT adjusted
After having lost almost 27% since its ATH in November, we are upgrading Bechtle from HOLD to BUY, now offering almost 30% upside to our PT.
The full update is avaible on:
What's it all about ?
After having lost almost 27% since its ATH in November, we are upgrading Bechtle from HOLD to BUY, now offering almost 30% upside to our PT. We believe that investor’s concerns such as supply chain disruptions or chip shortages might be short-lived. Moreover, we consider Bechtle to be a rather resilient “inflation play” as the company enjoys good price setting abilities. Given that the company is currently trading c. 20% below its own historical EV/EBIT multiples, we believe that recent market turmoil might offer a great entry opportunity. BUY, with slightly adjusted PT of EUR 66.00 (old EUR 69.00.
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