Safran: Deutsche Bank upgrades to buy

(CercleFinance.com) - Deutsche Bank announced on Tuesday that it had raised its recommendation on Safran shares from 'hold' to 'buy', with a target price of €243, up from €214.


In a note, the analyst justifies his decision by the correction that followed the group's last investor day, while highlighting the strength of the dossier from a long-term perspective.

'Safran is known for promising little but doing better than expected', the intermediary recalls.

The investor day was no exception to the rule, in our opinion", he continues.

"While targets may have been perceived as below expectations, we consider them prudent for our part", says Deutsche Bank, which sees the launch of a five-billion-euro share buyback program as another positive factor, testifying to the group's confidence in its ability to generate cash flow.

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