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Bouygues: Oddo BHF still on hold, raises TP

( - Oddo BHF maintains its 'neutral' rating on Bouygues shares, with its target price raised from E34 to E37.

The broker points out that Bouygues shares "reacted well" to the publication of results, marked by a clear improvement in working capital in contracting activities.

Nevertheless, Oddo BHF sees no urgent need to buy the stock aggressively either, believing that 'the outlook for 2024 growth, particularly in Telecom, could weigh on the share's short-term performance, especially after yesterday's short squeeze'.

Against this backdrop, analysts have adjusted their estimates to take account of the 2023 results and the Group's guidance.

Analysts now expect an ROCA of E2,498m (vs. E2,646m previously) and OP of E2,395m (vs. E2,550m for Visible Alpha).

The revision is essentially due to less dynamic activity at Equans and a lower contribution from Telecom. We believe the consensus could be gradually adjusted to these levels, the broker concludes.

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