CMB Downgraded By ING Barings

Tuesday, July 03, 2001
ING Barings downgraded Belgian shipping company CMB to "hold" from "buy" because of the poor short-term outlook for the sector. ING said it had also cut its price target for CMB to 85 euros ($72.09) from 100 euros. CMB's stock was off 2.29 percent at 72.50 euros in Brussels morning trade. "Interest in the stock was mainly fuelled by speculation on mergers and alliances to unlock hidden value," it said in a research note. "But trends in main tanker and dry bulk businesses are presently on the down side." - (Reuters)

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