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Safran: Oddo BHF raises target price

( - Oddo BHF has reiterated its 'outperform' rating on Safran shares, raising its target price from E173 to E202, explaining that the favourable impact of economic tensions has prompted an upward revision of its estimates for the high-tech group.

Admittedly, following the share price's recent rise (18.6% YTD), its valuation is tightening, with a sliding 12-month P/E of 26.5x, compared with 18.5x for the pre-Covid five-year average - although visibility is strong, the analyst says.

Oddo BHF estimates average annual EPS growth for 2023-26 at 19%, with a high degree of certainty, and cumulative FCF over the next 3 years at nearly E11bn, a significant portion of which it believes will be returned to shareholders.

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