Kion Drops 5% After Bank of America Downgrade

• (PLX AI) - Kion shares fell 5% after Bank of America analysts cut their recommendation on the stock to neutral from buy.
• • Price target cut to EUR 67 from EUR 110
• • Kion is likely to face similar profitability headwinds as peer Jungheinrich, which recently issued a profit warning, BofA said
• • Kion may see material downward earnings estimate revisions, raising questions about guidance for this year and the targets for next year, as it is likely to struggle with continued volatility in the price and availability of steel, BofA said