March 24, 2020 / 6:53 AM / 13 days ago

German stocks - Factors to watch on March 24

BERLIN/FRANKFURT, March 24 (Reuters) - The following are some of the factors that may move German stocks on Tuesday:

CORONAVIRUS

The COVID-19 pandemic is accelerating, the World Health Organization (WHO) said on Monday, with more than 300,000 cases now recorded and infections reported from nearly every country.

The number of confirmed coronavirus cases in Germany has risen by 4,764 within a day to reach to 27,436, the Robert Koch Institute for infectious diseases said on Tuesday.

German Economy Minister Peter Altmaier said late on Monday, after the government announced a 750 billion euro ($810.75 billion) aid package, that he did not think the economy would need further measures on that scale.

FRAPORT

Frankfurt Airport operator Fraport FRAG.DE said on Tuesday that passengers had dropped by 73.5% to 331,353 in the last week while cargo fell by 20.4% as the world battles a coronavirus outbreak.

THYSSENKRUPP

The conglomerate late on Tuesday scrapped its 2019/2020 profit outlook, blaming the economic downturn triggered by the spread of the coronavirus.

WACKER NEUSON

The company said it had postponed its annual general meeting and now aimed to hold it on July 21, 2020.

AXEL SPRINGER

German publisher Axel Springer on Monday scrapped its 2020 earnings forecast, saying results would be significantly lower due to the Coronavirus outbreak.

NORDEX

German wind turbine maker Nordex NDXG.DE on Tuesday said it expects sales and profits to rise in 2020, but cautioned it may have to adjust the outlook should the current coronavirus crisis cause significant disruptions.

Separately, the company said it had won a 400 megawatt supply and maintenance contract from Norway.

RATIONAL AG

Full-year results due. The company earlier this month confirmed 2019 preliminary revenue and EBIT figures it had already announced in February.

CORESTATE

The company reported full-year EBITDA of 175 million euros.

BERTELSMANN

Annual report due

RHOEN KLINIKUM

Rhoen-Klinikum said full-year net consolidated profit fell to 44.5 million euros.

PORSCHE

Annual report due. The carmaker last week said full-year sales rose by 11% to 28.5 billion euros in 2019.

CANCOM

The company said its forecast for 2020 was postponed to 28 April 2020. It said coronavirus measures and simultaneous increased time requirements due to the first-time audit of annual financial statements by new auditors KPMG led to a postponement of THE publication date.

ANALYSTS’ VIEWS

WACKER CHEMIE AG: JP MORGAN CUTS TARGET PRICE TO EUR 50 FROM EUR 63

LANXESS AG: JP MORGAN CUTS TARGET PRICE TO EUR 42 FROM EUR 65

EVONIK INDUSTRIES AG: JP MORGAN CUTS TARGET PRICE TO EUR 21 FROM EUR 29

COVESTRO AG: JP MORGAN CUTS TO “NEUTRAL” FROM OVERWEIGHT; CUTS TARGET PRICE TO EUR 24 FROM EUR 50

BRENNTAG AG: JP MORGAN CUTS TARGET PRICE TO EUR 45 FROM EUR 55

BASF SE: JP MORGAN CUTS TARGET PRICE TO EUR 39 FROM EUR 55

VOLKSWAGEN AG: CITIGROUP CUTS PRICE TARGET TO EUR 120 FROM EUR 195

HUGO BOSS AG: JP MORGAN CUTS TARGET PRICE TO EUR 45 FROM EUR 56

E.ON SE: CITIGROUP CUTS PRICE TARGET TO EUR 8 FROM EUR 9.8

DAIMLER AG: CITIGROUP CUTS PRICE TARGET TO EUR 20 FROM EUR 33

BMW: CITIGROUP RAISES TO NEUTRAL FROM SELL; CUTS PRICE TARGET TO EUR 45 FROM EUR 62

OVERSEAS STOCK MARKETS

Dow Jones -3%, S&P 500 -2.9%, Nasdaq -0.3% at close.

Nikkei +7.1%, Shanghai stocks +2.1%.

Time: 6:51 GMT

GERMAN ECONOMIC DATA

German March flash Markit PMI due at 0830 GMT. Manufacturing index seen at 39.6, service index at 42.3, composite index at 40.6.

DIARIES

REUTERS TOP NEWS ($1 = 0.9251 euros) (Reporting by Berlin Speed Desk and Frankfurt Newsroom)

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