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European stocks trade mixed
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DE30 made failed attempt of breaking above 16,000 pts area
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Adidas plans to buy shares worth up to €1 billion in Q1 2022
European stock markets are trading mixed at the beginning of a new week, following a mixed performance of equities from Asia-Pacific. German DAX tested 16,000 pts area at the beginning of today's cash session but failed to break above and erased all the gains later on. Russian RTS is the best performing European blue chips index while Austrian stocks lag the most.
Source: xStation5
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Create account Try a demo Download mobile app Download mobile appDE30 attempted to make a break above the 16,000 pts price zone this morning but failed. Advance was halted at the 50-hour moving average (green line) and the index started to move lower. A steep drop that occurred after opening of today's cash session was later halted and a double bottom surfaced in the 15,870 pts. A sideways move in the 15,850-16,000 pts range cannot be ruled out until a catalyst for a bigger move surfaces. Powell's confirmation hearings tomorrow and US CPI reading on Wednesday could provide fuel for bigger moves. However, investors should focus on the limit of the aforementioned range for now.
Company News
Delivery Hero (DHER.DE) announced that it has sold a stake worth $150 million in Rappi, a Latin America delivery company. Delivery Hero continues to hold a 7.9% stake in the company. German company plans to monetize the remaining stake at an appropriate valuation over time
Adidas (ADS.DE) announced that it aims to buy back shares worth up to €1 billion during Q1 2022, as part of its €4 billion share repurchase programme.
Analysts' actions
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BMW (BMW.DE) upgraded to "buy" at Goldman Sachs. Price target set at €123.00
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E.ON (EOAN.DE) downgraded to "neutral" at Goldman Sachs. Price target set at €13.00
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Adidas (ADS.DE) downgraded to "hold" at HSBC. Price target set at €280.00
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Infineon (IFX.DE) upgraded to "buy" at Citi. Price target set at €48.00
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Encavis (ECV.DE) upgraded to "outperform" at Oddo BHF. Price target set at €19.00
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Aixtron (AIXA.DE) upgraded to "outperform: at Oddo BHF. Price target set at €26.00
Shares of Adidas (ADS.DE) took a hit last week and pulled back from €265 resistance zone to €245 support. An attempt to launch a recovery move can be spotted today after the company unveiled its plans for Q1 buybacks. Should bulls manage to regain control, attention will shift back to the aforementioned resistance at €265.00. Source: xStation5
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