Thales: Oddo BHF still on hold

(CercleFinance.com) - Oddo BHF maintains its 'neutral' rating on Thales shares, with an unchanged target price of E146 (cp: E158, -0.
3%).

The analyst points out that Thales reported a good start to the year, with sales and order intake 1.5% ahead of expectations, with orders up E100m on initial forecasts.

Against this backdrop, Thales is unsurprisingly reiterating its previous forecasts, with sales expected between E19.7bn and E20.1bn (i.e. organic sales growth of 4% to 6%): the consensus expects E20,044m.

Finally, Thales is targeting an EBIT margin of 11.7% to 12% (consensus 11.9%).

The broker says that this good start to the year certainly shows that bottlenecks in the supply chain and recruitment are easing, offering renewed optimism.


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