Analyst sees weaker-than-expected results despite solid orders.

UBS reiterates its neutral recommendation on the stock, with an unchanged target price of E430, representing a downside potential of 26%.

' Fourth-quarter EBIT was 4% below consensus. Following results and forecasts for the first and second quarters, we expect single-digit downward revisions in the mid-to-high range of consensus EBIT for 2024E' says UBS.

' For the first quarter of 2024, we expect sales of €600-640 million, with a similar level in the second quarter. For the second half of 2024, we expect sales to be up on the first-half level, but it is too early to give more precise indications for the second half or for the full year', said the group's management.

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