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Faurecia: Berenberg raises estimates for 2020-2023

( - Berenberg confirms its buy rating on the share, while increasing its corresponding target price to 60 euros (vs.
56 euros).

Faurecia is targeting an operating margin of around 7%, which is close to pre-Covid levels, for sales of at least 16.5 billion euros, with a sales outperformance of over +600 basis points: the analyst believes that the group presents credible targets.

"Management now guides for a sector-leading growth outperformance of above 500bp over 2021-25 (and above 600bp in 2021)," Berenberg says.

"We raise our 2020-23E estimates by c4% and are 10% above consensus over the same period," it adds.

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