RHI cut to sell

Raiffeisen Centrobank (RCB) said on 20 February that it had downgraded Austrian fire-proof materials maker RHI to sell from underweight, targeting a share price of EUR 5 versus the present EUR 7.51. T…

Raiffeisen Centrobank (RCB) said on 20 February that it had downgraded Austrian fire-proof materials maker RHI to sell from underweight, targeting a share price of EUR 5 versus the present EUR 7.51. Troubled RHI has suffered heavy losses in the US, where several of its subsidiaries have filed for Chapter 11 bankruptcy protection due to mounting claims for asbestos-related injuries. RCB said that while RHI would probably remain in existence, its debt burden of around EUR 1.1 billion offered no medium-term potential for an increase in the share price.