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Safran: Berenberg still a buyer, cuts TP

( - On Friday Berenberg reduced its target price for Safran shares from 150 euros to 140 euros, while maintaining its buy rating on the share of the French aeronautical equipment manufacturer.

In a report, the German broker says "Good things come to those who wait". "Safran remains a quality play on air traffic recovery trends and, while the spread of the Omicron COVID-19 variant presents a near-term headwind, we believe that it is unlikely to derail the multi-year recovery ahead. Berenberg writes.

However, it says that it prefers to reduce its earnings estimates due to the appearance of the coronavirus mutation, now expecting a recovery that is later than previously anticipated.

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