UBS reaffirms its 'sell' recommendation on Umicore, with a price target lowered from 18 to 13 euros, a new target which implies a potential downside of 7% for the share of the Belgian materials and recycling technology specialist.

We still see downside potential for the stock", warns the broker, predicting that the Group's RBM (rechargeable battery materials) business will be loss-making at EBIT level by 2025, and that structural pressures will persist.

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