UBS reaffirms its 'sell' recommendation on Umicore, while lowering its price target from 20 to 18 euros, representing an estimated 12% downside potential for the Belgian materials and recycling technology specialist's shares.

Returning from a round-table discussion with analysts on the dossier, the broker considers that 'the impact of falling metal prices will continue to constitute a headwind in 2024, although long-term hedging will mitigate the decline somewhat'.

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