Analyst Rates Pfleiderer a 'Sell'

Frankfurt, Germany, July 31, 2008--An analyst has recommended selling shares of Pfleiderer after the company reported earnings that were worse than expected.

Ingbert Faust, analyst of equinet AG, downgraded his rating on the shares of Pfleiderer from "reduce" to "sell" and lowered his price target from EUR 7.50 to EUR 6.00.

The analyst said the weak development of sales is very disappointing. While EBIT and EBITDA were in line with expectations, they failed to meet consensus estimates by a substantial margin.

Projections for earnings per share in 2008 have been reduced by 37 percent to EUR 0.33. Owing to a lack of pricing power and the unfavorable currency environment the shares of Pfleiderer are under pressure from several sides.