Umicore slides after brokers trim PTs
** Shares in Umicore UMI.BR fall around 5% to the bottom of Belgium's BEL 20 .BFX index following PTs cuts from Bank of America and Deutsche Bank
** DB lowers its PT by 23% to EUR 23, seeing the group's H2 EBITDA down 17% yoy driven by declines in its Recycling unit resulting from metal price reductions, and sticks to its "hold" rating
** BofA trims its PT by 9%to EUR 20 keeping its "underperform" rating, says cathode financials and 2024 guidance Umicore will share in its FY update could be a negative share price catalyst that could lead to downward consensus revisions
** The broker says that weaker EV demand is pushing players towards low-cost, sees 2024 profits in Umicore'sbattery division 15% lower than 2019 despite increase in EV penetration
** Trend is "likely" to continue through 2026, it adds
** Umicore will publish FY results on Feb. 16
Reporting by Olivier Cherfan
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