Apple Battery Supplier Varta’s Biggest Bull Turns Bearish
- Competition closer than thought, Commerzbank’s Klepp says
- Varta extends losses to 29% since beginning of the year
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Varta AG has gone from one of Europe’s hottest stocks last year to one of the worst performers in 2020. Now the German battery maker has lost its biggest booster among analysts.
Commerzbank AG’s Stephan Klepp cut his recommendation on the stock to reduce from hold, his second downgrade this month. He lowered his price target to 82 euros from 135 euros, which had been the highest among six analysts tracked by Bloomberg.