Icade: Oddo reduces target price
(CercleFinance.com) - Oddo has confirmed its "underperform" rating on Icade shares, with a target price reduced from 59 euros to 46.
5 euros following the broker's updated model.
The broker reports that Icade reassured investors yesterday at its CMD about its resilience, despite a more complicated financial environment by adapting its strategy to preserve the group's capacities.
Oddo also highlights an upgraded 2022 guidance and a 2022 dividend maintained at +3/4%, as well as an expected 2023 CFNC (net current cash flow) close to that of 2022.
The analyst therefore believes that Icade's CMD provides more visibility on the group's potential resilience in 2022/2023, although it implicitly shows that its CFNC growth strategy (+1.4% estimated over 2023e/25e vs. +4% over 2018/22) is marking time, pending better market conditions.
The share is currently down 2.8% in Paris.
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