FRANKFURT (dpa-AFX) - Shares in Kion and Jungheinrich came under pressure on Friday. A downgrade by Citigroup for Kion weighed on the shares of both forklift manufacturers. Jungheinrich also adjusted its annual forecast. In the afternoon, both shares lost around one percent and were among the weakest performers in the MDax index of medium-sized companies.
After an annual gain of 110 percent, Kion shares had reached a high since March 2022 at €67 the day before. Before the weekend, they temporarily fell back to €64.35. Jungheinrich, meanwhile, is far from its annual high of almost €43 in July, having slipped to €34.10. However, with a gain of one-third in 2025, it is also performing better than the MDax itself.
Analyst Martin Wilkie of Citigroup withdrew his buy recommendation for Kion this morning after the sharp rise. The rally was driven by the prospect of a recovery in German industrial production and greater optimism regarding global increases in investment in the warehousing sector.
According to Wilkie, the valuation of Kion shares is "only" back to its historical normal range. However, the expert considers a return to the level seen during the coronavirus pandemic, with the boom in online retail, to be unlikely. His increased price target of €68 has also already been almost exhausted by the shares.
On Friday afternoon, Jungheinrich also adjusted its outlook due to a delay in the sale of its Russian business. As a result of the postponement, the impact on earnings from the sale is now expected in 2026 instead of this year. Management therefore estimates this year's earnings before interest and taxes (EBIT) to be higher than previously targeted. The forklift manufacturer also narrowed its forecast range for sales and order intake./niw/ag/mis/men
