FRANKFURT (dpa-AFX) - A downgrade to "Neutral" by Kepler Cheuvreux weighed on the shares of engine manufacturer MTU on Wednesday. They were among the biggest DAX losers in the morning, falling by up to 1.8 percent to 244.80 euros. Most recently, they were still down 0.8 percent. In 2024, however, they remain among the favorites in the leading German index, having risen by more than a quarter.

Kepler-Cheuvreux analyst Aymeric Poulain no longer sees enough room for a buy recommendation after the share price rose to just over 257 euros a few days ago. He raised the target price from 248 to 263 euros.

In view of the price loss on Wednesday, the shares were able to test the support around the EUR 240 mark. At this level are the highs from April and May, which MTU only left behind sustainably at the beginning of July. After the breakout, investors had already been eyeing the record high of over EUR 289 from the beginning of 2020.

A positive commentary from the bank JPMorgan at the beginning of July helped: analyst David Perry had set a price target of 300 euros after a "very reassuring meeting with management" and was increasingly optimistic about the short and medium-term outlook. Thanks to its spare parts business, MTU is benefiting from declining new deliveries by jet manufacturers, Perry said at the beginning of the month./mis/nas/tih