SGS: Oddo confirms rating and target price
(CercleFinance.com) - The Von Finck family has sold its stake in SGS in a private placement.
It therefore sold 12.7% of the group's capital, i.e. the majority of shares it still held, retaining just 3% of the capital. In detail, the family sold 960,000 shares at a price of 2,425 Swiss francs each.
Oddo is surprised by this, although is says that it should not be interpreted as a warning regarding the group's near-term perational performance.
Oddo says that this is the right timing given the share's current price. Analysts therefore confirm their Reduce rating, with a target price of 2,550 Swiss francs (current price 2,590 Swiss francs).
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