Safran: Oddo still neutral, highlighting weak visibility

(CercleFinance.com) - This morning, an Oddo BHF analyst confirmed a "neutral" rating on the Safran share, appreciating a gradual improvement in flight cycles, while regretting "poor visibility through to the end of 2020.


The broker says that while the Aircraft Interiors business (13.5% of 2019 sales) is badly hit by its exposure to long-haul aircraft (c. 60%) and discretionary retrofit/maintenance, the company is confident that it will return to breakeven by the end of the year and achieve a double-digit margin by 2023 in the event of a recovery in volumes. The broker noted this when the group organised a roadshow with Safran's CEO and CFO.

Oddo BHF therefore confirms its target price of 96 euros for the share.


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