Haulotte: Oddo BHF lowers its target price

(CercleFinance.com) - Oddo BHF confirms its 'underperform' rating on Haulotte shares, with its target price lowered from 2.
25 to 2 euros.

Haulotte reported Q1 sales of ?157 million, down 19% organically and well below the broker's expectations (?200 million).

Europe is suffering particularly from the economic slowdown and rising interest rates (-28%). A certain sluggishness has also been observed in Latin America (-26%)", the analyst points out.

Oddo BHF says it is now awaiting the European Union's decision on the anti-dumping investigation targeting Chinese manufacturers.

If we do not change our earnings forecasts, the risk of a profit warning increases following this quarterly publication. This situation is all the more problematic given the Group's high level of debt", concludes the broker.

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