Ahead of the upcoming earnings season, Deutsche Bank has cut price targets on nearly 30 European stocks this week and upgraded just one to "buy." The bank's biggest cut to price target was for Denmark's energy giant, Orsted . Deutsche's analysts lowered their 12-month share price forecast by 36% to 450 Danish krone on Oct. 16. The stock has nearly halved in value this year and currently trades around 320 krone.
The analysts said they expect to hear a reassuring message on demand outlook from Delivery Hero and Just Eat Takeaway.com but cut their price targets on both stocks by 5.7% and 11%, respectively. They maintained a "buy" rating on Takeaway.com and a "hold" rating on Delivery Hero. Elsewhere in the European utility sector, the investment bank struck a positive tone in its outlook despite the price target cuts.
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