Fuchs down after Jefferies cuts to 'hold'

** Shares in Fuchs FPEn.DE fall 2.8% in early Frankfurt trade after Jefferies downgrades its rating on the German lubricants maker to "hold" from "buy"

** Broker cites limited valuation upside and sees higher risk that pricing and market share gains normalise next year

** Jefferies says adjusted EBIT guidance upgrade of €500 million ($560 million) is helped by tight supply, supportive pricing and market share gains, but risk/reward now looks balanced

** It sees scope for volume growth and continued pricing into 2027, but says "favourable combination of scarcity, price and incremental customer wins should become progressively harder to replicate"

** Broker says normalising supply could reduce pricing power and increase competition, creating downside risk to elevated earnings even without weaker underlying demand

** Up to the previous session's close, shares were up 24%​ YTD

($1 = 0.8937 euros)