FRANKFURT (dpa-AFX) - After a slow start, the shares of MTU Aero Engines worked their way to the top of the Dax on Friday. Most recently, they gained 2.4 percent to 251 euros, keeping Zalando at bay. The DAX itself moved only slightly higher before the start of the US reporting season. MTU's share price was driven by a high target price. The 300 euros called for by Jefferies would mean a record level for MTU shares.

Jefferies expert Chloe Lemarie sees a fifth of the upside potential with the increased price target after a current annual gain of 28 percent. A look at the dpa-AFX analyst shows that her price target makes her the biggest optimist for MTU - together with JPMorgan expert David Perry, who had already issued a price target of 300 euros at the beginning of July due to increased confidence.

Jefferies analyst Lemarie expects the engine manufacturer to have performed solidly in the second quarter. After a weak start to the year, the spare parts business should have picked up in her estimation. She emphasized that MTU is a share with catch-up potential due to a valuation discount of more than 30 percent to Safran. She does not expect the outlook to change, apart from possibly narrowing the target corridor for free cash flow.

MTU shares stabilized again with their Friday gains after three days of losses. A week ago, they had reached their highest level since February 2020, i.e. the time before the coronavirus pandemic hit the aviation industry with full force. At that time, the shares were trading at a record high of just under 290 euros./tih/bek/jha/