FRANKFURT (dpa-AFX) - Fresh analyst ratings from the US bank Jefferies in the new trading year triggered significant price swings among German small caps on Tuesday. After steep losses in Atoss Software shares since July, experts now consider the stock a buy. As a result, Atoss was among the top performers in the SDax, gaining 3.8 percent. Analyst Martin Comtesse argued that concerns artificial intelligence could hamper business for the personnel management software developer are exaggerated.
Close behind in the SDax were shares of PVA Tepla, which rose 3.2 percent. Comtesse also expressed optimism here, upgrading the technology company's stock from "Hold" to "Buy." The expert cited a sharp price drop last autumn. However, the order situation has improved and is expected to pick up further in the second half of the year. In particular, business with the semiconductor industry is set to grow strongly.
By contrast, shares of SMA Solar, which had recently performed strongly, were downgraded by Jefferies to "Sell" and became the biggest loser in the SDax on Tuesday, plunging nearly 9 percent. According to Comtesse, the market is underestimating the impact of the solar inverter manufacturer's investments in research and development as well as service this year. These are likely to weigh on profitability, especially if a recovery fails to materialize in the home and business segment (HBS).
Fundamentally, Comtesse believes that in 2026, stocks of companies benefiting from automation in manufacturing should perform well. He includes Kontron and Krones among these. Nordex shares are expected to benefit from the megatrend toward electrification. According to his assessment, the billions in federal investments and fiscal reforms should also benefit IT service provider Bechtle and Atoss Software./bek/tih/stk
