GTT: Berenberg lowers its recommendation to 'hold'.

On Thursday, March 9th, Berenberg, a German intermediary, lowered its recommendation on GTT shares from 'buy' to 'hold'. The price target for the stock was adjusted from €140 to €150 in the research note.

The analyst at Berenberg noted that the share price of GTT has increased by almost 20% since the release of better-than-expected 2023 annual results and 2024 outlook on March 7th. The company, which operates in the gas transportation sector, reported a net income of €1.5 billion for 2023, exceeding analysts' expectations by €100 million. Additionally, the company's 2024 outlook was also better than expected, with revenue growth forecasted at 8%.

Despite these positive developments, Berenberg believes that the current share price may be overvalued and has therefore lowered its recommendation to 'hold'. The analyst suggests that investors should wait for a more favorable entry point before investing in GTT shares.