FRANKFURT (dpa-AFX Broker) - Hochtief 's shares, which had recently been strong against the MDax trend, fell significantly on Thursday. The shares of the construction group corrected by more than 4 percent to 94.35 euros at the 21-day line. Most recently, they had rebounded 8.5 percent from the October low and were back on course for the year's high at 101 euros.

However, the experts at Kepler Cheuvreux have now downgraded the shares to "reduce" for valuation reasons - with a price target adjusted from 76.30 to 90.50 euros. They justify this with the good run of Hochtief shares 2023. At times, they had gained almost 92 percent.

At current levels, the Spanish majority shareholder ACS (hold 68 percent) probably also has no great urge to increase its stake, the Kepler analysts said. The pressure to cover short sales should therefore ease./ag/mis