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Alten: Berenberg reduces target price

( - On Friday Berenberg reduced its target price for Alten shares from 175 euros to 168 euros, while maintaining its buy rating on the stock following the group's strong trading update published last week.

In its comments, the broker stresses that the engineering and technology services group has confirmed that it is well on its way to achieving organic growth of 12% to 15% in H2.

However, the analyst argues that the company's prospects beyond the current financial year are less clear, leading it to anticipate growth rates of 8% for 2023, followed by 7.5% in 2024 and 6.5% in 2025.

For the record, Alten shares closed up 2.7% at about 132 euros on Friday.

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