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Bouygues: Credit Suisse confirms rating

( - Credit Suisse has confirmed its outperform rating on the Bouygues share, with a target price of 34 euros (33% upside).

"We update our numbers, but leave our 2020-21 revenue and operating profit forecast broadly unchanged after incorporating Q1 20 results," Crédit Suisse said.

"We still see near term headwinds for Bouygues but are more positive about the medium term outlook as sites reopen," analysts add.

For 2021, Crédit Suisse is increasing its forecast for Bouygues Construction's operating profit by 1%, while leaving those for Colas unchanged. The broker has cut forecasts for real estate by 3% (zero net effect). Analysts are also slightly reducing (0-1%) their EBITDA forecasts in telecommunications.

"Bouygues' message that 80-90% of its construction businesses were getting back to work was encouraging and points to a gradual recovery in H2 20/H1 21" they say.

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