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STOCKS NEWS EUROPE-Outokumpu hit by post-result downgrades

Reuters - UK Focus

Shares in Finnish stainless steel maker Outokumpu (Berlin: OUTA.BE - news) fall 5 percent after post-results analyst downgrades from Nordea and Inderes, with the latter citing concern about a possible cash call.

Outokumpu (Other OTC: OUTKF - news) , which is looking to sell its Italian mill as well as its special alloy unit VDM, on Friday reported a wider-than-expected third-quarter loss and rising debt.

In response, Nordea Markets cuts its recommendation on the stock from to 'sell' from 'hold' while Inderes Equity Research lowers its view to 'sell' from 'reduce'.

"The asset sales will not patch up their balance sheet sufficiently. The management says new equity is in the bottom of their tool box, but considering the lack of good alternatives, we see a rising likelihood of a turn to the shareholders," Inderes analysts write in their investor note.