Deutsche Bank Downgrades Veolia Environnement (VE) to Sell; Low Visibility on Execution

Deutsche Bank downgraded Veolia Environnement (NYSE: VE) from Hold to Sell. PT EUR 10.

Deutsche analyst said, "We review our estimates to take into account c85% of VE's €420m 2015 cost-cutting plan. Execution risk remains high, as we expect no visibility on its benefits until 2013, while more than 30% of VE's FCF and valuation is at stake in the process. Running three states of the world, we see future upside potential if macro conditions improve, but the risk return appears too high at this stage. Take profits on the back of the recent share price rally and ahead of expected weak 1Q results."

For an analyst ratings summary and ratings history on Veolia Environnement click here. For more ratings news on Veolia Environnement click here.

Shares of Veolia Environnement closed at $14.98 yesterday.

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