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Continental: Invest Securities raises target price

( - Invest Securities believes that the group's final Q2 and H1 2020 results are unsurprising overall, with Q2 EBITA having fallen into the red at -634 million eurs, with a net loss, group share of -741.
1 million euros and FCF of -1.7 billion euros.

The rebound in H2 is not disputed, but the group refuses to resume its 2020 guidelines. It shows that it is adjusting to the crisis with determination, as shown by the evolution of the negative margins during H1, the broker says.

Analysts are tightening their revenue expectations and our EPS estimates have been reduced by -19%/+15%/-6% to take into account the group's very cautious comments on the Auto and Tyre markets in the short and medium term, they add.

However, the analyst has raised his target price for the share, now looking for 99 euros, against 91 euros previously, while renewing his buy rating.

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