Aurubis pays tribute to good run despite optimistic outlook

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FRANKFURT (dpa-AFX) – After annual gains of up to 35 percent, Aurubis shares fell back significantly on Monday. Even a little more optimism for the fiscal year 2022/23 already after the first quarter did not attract new buyers. Instead, the shareholders of the copper group took some profits.

The Hamburg-based company’s shares fell as much as 7 percent, falling just below their 21-day line at 94.24 euros. It reflects the short-term trend and is currently rising accordingly. On Friday, Aurubis shares were worth 103.15 euros, the highest price since May 2022.

Aurubis is now targeting the upper end of the forecast corridor of 400 to 500 million euros for the operation of pre-tax earnings in the fiscal year 2022/23. According to one stockbroker, some market participants had certainly hoped for more, as the share price rally shows. Now it makes the shares susceptible to profit taking. Baader analyst Christian Obst took a similar view in an initial assessment. In the long run, however, his fundamentally positive opinion was confirmed.

Dirk Schlamp of DZ announced a revision of his current assumptions. He called the quarterly report “solid”. The expert attributes the increased confidence for the whole year to the economic expectations that illuminate, the reduction in the energy markets and the stabilization trends in the sulfuric acid market. To date, Schlamp has given the shares a “hold” rating with a fair value of 82 euros./ag/mis/jha

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