Nokian Renkaat Oyj, the Nordic region’s biggest tiremaker, fell to the lowest price in more than a week in Helsinki trading after Inderes Oy recommended clients reduce holdings.
The shares slid as much as 3.3 percent to 31.85 euros, the lowest intraday level since April 23. The shares fell 3 percent to 31.94 euros at 12:13 p.m. with volume at 58 percent of the three-month daily average.
Nokian Renkaat was cut to reduce from accumulate at Helsinki-based equity researcher Inderes, which reiterated its 12-month price estimate of 33 euros.
“The price-to-earnings ratio in the near quarters isn’t attractive,” Sauli Vilen, an analyst, said in a note to clients today. “In the current environment, the company’s valuation has little room to rise. A higher valuation would require more visibility.”