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Wirecard: Invest Securities raises target price

( - Wirecard has posted Q1 2019 consolidated sales of two billion euros, up 35.
4% as reported.
Its underlying earnings rose 35.7% to 347.4 million euros. Following this publication, the broker confirms its buy rating on the stock, and has raised its corresponding target price to 180 euros (vs. 168 euros).

Invest Securities also points out that the publication of the final report (of the firm) Rajah & Tann has concluded in the absence of major irregularities.Wirecard and its management have therefore been cleared of accusations featuring in the Financial Times.

The broker adds that beyond confirming strong growth in earnings, showing a marked improvement in FCF in Q4, the publication of final 2018 results was particularly important to validate the certification of accounts by E&Y, Invest Securities says.

This item, combined with the publication of the report by Rajah & Tann at the end of March, tends to offer concrete evidence against the allegations featuring in the FT, the broker adds.

Although this is unlikely to stop here, and hence continue to weigh on the stock, we can only be positive about it, with the group's business gradually set to get back to normal, with the Crédit Agricole and Mizuho contracts in 2019, and that of Softbank over the MT.

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