Inderes raises its recommendation for office furniture company Martela to Reduce from Sell and sets the price target at EUR 0.50.
The rights issue raised a preliminary EUR 7.2 million and, according to the research house, provides better conditions for a turnaround in earnings, which warrants higher estimates.
At the same time, the number of shares has increased sharply and the balance sheet remains strained. Inderes also considers the valuation high and wants to see signs that revenue is stabilising.
