Wienerberger Plummets After HSBC Says Reduce Stock: Vienna Mover
Wienerberger AG (WIE) shares fell the most in two months after HSBC Group advised investors in a research note to reduce the weight of the world’s biggest brickmaker in their stock portfolios.
Wienerberger fell 5.5 percent to 7.38 euros at the 5:30 p.m. close of trading in Vienna. The company’s full-year gain narrowed to 6 percent, giving Wienerberger a 867.3 million-euro ($1.07 billion) market value.
HSBC, which had previously been “neutral” on Vienna-based Wienerberger, cut the brickmaker’s stock target by 21 percent, to 6.80 euros a share. The bank’s analysts are “forecasting slow organic volume growth” at Wienerberger.
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