Erste Group upgrades Oesterreichische Post on strong earnings momentum
** Erste Group raises Oesterreichische Post POST.VI to "accumulate" from "hold," as it expects the earnings momentum for the Austrian postal service and bank to continue
** "We expect further positive news flow and strong results in the coming quarters, which should act as a catalyst for the stock" - Erste Group
** The broker points to strong growth across all divisions in the first half of 2024, which prompted Oesterreichische Post to lift its guidance for the 2024 fiscal year
** Erste Group expects the upcoming Austrian elections to bolster the mail division and high performance to continue in the Parcel & Logistics segment
** The broker also anticipates higher dividends in the next few years thanks to lower CAPEX spend and contribution from the new Retail & Bank segment
Reporting by Bernadette Hogg
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