HAMBURG (dpa-AFX Broker) - The private bank Berenberg has halved its target price for Compugroup shares to 23 euros after a profit warning, but left the rating at "buy". The warning was a shock, even if investors had been prepared for a difficult year, wrote analyst Wolfgang Specht on Wednesday afternoon. In addition to the extent, the inadequate explanation of the reasons was also responsible. The expert was dissatisfied with the management's ability to forecast, although a large part of the software company's business consists of recurring sales. In addition, cost reductions had had less of an impact than hoped. However, Specht maintained his buy recommendation in view of the immense valuation discount to the competition./ag/edh

Publication of the original study: 10.07.2024 / 16:15 / GMT

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