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STOCKS NEWS EUROPE-ThyssenKrupp seen down on Citi downgrade

Reuters - UK Focus

Shares in ThyssenKrupp (Xetra: TKA.DE - news) are indicated to open 1 percent lower at the bottom of Germany's blue-chip index, according to pre-market data, as traders point to Citi cutting its recommendation on the stock to "sell" from "neutral", citing inflated valuations.

"Returns over the medium term are likely to remain depressed by the capital-intensive nature of the low-margin steel business. The stock now trades on comparable multiples to Siemens, which appears unjustified on our return expectation," the brokerage says in a note to clients, cutting its target price to 17 euros from 17.60 euros.

The comments follow ThyssenKrupp's publication of robust fiscal first-quarter financial results on Friday.

ThyssenKrupp's stock has gained 23 percent over the past six months, outperforming a 14.5 percent increase by the DAX index.

Reuters messaging rm://maria.sheahan.thomsonreuters.com@reuters.net