The reduction was attributed to the good share price development of Palfinger and the 50% increase in the share price since the beginning of 2007.
Although Merrill Lynch reduced its recommendation, it said it estimates Palfinger’s 2007 second-quarter financial results as positive. The move could be interpreted as meaning that Merrill Lynch does not expect the company to grow much more.
Palfinger PK 8501 Palfinger PK 8501
