Continental stocks rise to four-year high
Continental, Europe’s second- largest maker of car parts, rose to its highest level in more than four years as expansion in Asia helped it shrug off the effects of the Europe debt crisis on auto demand.
Continental advanced as much as 2.5 per cent to €84.99, the highest intra-day level since January 3rd, 2008, and was trading at €84.59 in late Frankfurt trading.
The stock, which returned to Germany’s benchmark DAX index in September this year, has gained 77 per cent this year valuing the company at €16.9 billion.
“Continental confirmed its earnings goals for this year, while competitors had to scrap their targets,” said Frank Biller, a Stuttgart-based analyst with LBBW, who raised his price target for Continental yesterday to €96 from €91. – (Bloomberg)