GS ups Umicore to 'neutral' on more balanced risk/reward

** Goldman Sachs upgrades metals recycler and battery materials producer Umicore UMI to "neutral" from "sell", citing a more balanced risk/reward outlook

** "Despite the ongoing uncertainty from global tariffs and still challenging outlook for the company's Battery Materials division, we identify some positive catalysts in the year ahead," it says in a note

** Among upside risks GS sees EU policy support, strategic pivot potential, more persistent catalysis strength and EU defence spending

** "We believe scope for materially negative revisions from here is more limited," it says, adding it views considerably negative sentiment as already priced in

** Out of 18 analysts that cover Umicore, two rate the stock "strong buy" or "buy,"​ 12 rate it "hold" and four​ rate the stock "strong sell" or "sell"