Croda share prices jump on Deutsche Bank recommendation
Cosmetic ingredients company Croda International’s shares rose to the highest level in three months after they were recommended by German financial services firm Deutsche Bank.
Stock has risen to 2,677 pence as of the beginning of the day on August 27 after equities researchers changed their recommendation from “hold” to “buy”, putting it at its best price since May.
Deutsche bank also set a target share price for the firm of 2,850, up from 2,400.
The share price increase makes the company one of the biggest gainers in the European stock market.
The Deutsche researchers made the decision to upgrade Croda based on innovation, exposure to emerging markets, strong pricing power and acquisitions.
It also stated that they believe that Croda’s slowing topline growth will pick up, since it is the result of a cyclic blip in the company’s fortunes rather than inherent structural problems.
