Credit Suisse Upgrades Wirecard to Neutral

From Credit Suisse:

« Reasons for negative stance abate: We believe Wirecard remains a complicated story, with difficult accounts to read and numerous acquisitions to digest. However, our Underperform stance was always predicated on weak cash conversion. While cash conversion remains at the low end of peers, the metrics are not deteriorating, and if anything are improving. This reduces our conviction in the negative stance and leads us to upgrade to Neutral and raise our TP to €45. We make no changes to forecasts and currently forecast FY16 EBITDA of €304m (guidance for €298m-€312) and with the company already issuing FY17 guidance at €382-400m, we see limited nearterm forecast risk. »

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