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Seb: Oddo downgrades stock, cuts TP

( - Oddo has downgraded its rating on the household electrical appliance maker Seb's shares from "outperform" to "neutral", having reduced its corresponding target price from 159 euros to 134 euros.

The broker said that Seb's Q1 sales inched up just 0.4% LFL (to 1915 million euros), despite 10.9% growth in China.

For Q2, the company's message is "more cautious" with a slight LFL decline in April, Oddo notes, which emphasises the "high volatility" of activity from one week to the next.

Analysts estimates were based on sales growth of +5% (i.e. close to the consensus of +4.2% before the publication of Q1 sales) with an increase in business in China reaching +5% (+7% for the consensus), which analysts say seems to be a bit optimistic, expressing legitimate concerns about Seb's exposure to China.

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