Hochtief Likely to Cut Its Dividend, BofA Says in Downgrade to Underperform

• (PLX AI) - Hochtief is likely to cut its dividend for 2021, analysts at Bank of America said, downgrading their recommendation on the stock to underperform from neutral.
• • Shares fell 2% this morning
• • Price target cut to EUR 69 from EUR 72
• • Hochtief capital gains from Ventia stake partial sale are insufficient to offset the construction project write-down in Chile, BofA said
• • Meanwhile, the share buyback announced in November is not progressing, BofA said