Safran: Jefferies upgrades stock
(CercleFinance.com) - On Wednesday Jefferies upgraded its rating on Safran shares from "underperform" to "hold", raising its corresponding target price from 95 euros to 97 euros.
In a report, the US broker believes that the pressures likely to be exerted on the aircraft equipment manufacturer's business in the near term are now fairly priced in.
"With Q1 sales, management disclosed a number of headwinds for the group, to be offset by solid cost control," the broker said.
"While the ST remains uncertain, especially around China, we believe consensus will now be reset to more achievable levels until 2023-24 given comments on cost inflation, further OE ramp," Jefferies added.
The share is currently down about 1% at 99.5 euros.
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