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Seb: Oddo reduces target price

( - Oddo maintains its "neutral" rating on shares of household electrical appliance maker Seb's shares, although has reduced its target price for them from 134 euros to 106 euros.

The broker points out that the group's H1 results fell short of expectations, with operating EBIT of 199 million euros, against 215 million euros expected.

In Q2 (-5.1% LFL compared to +0.4% in Q1), Seb was hit hard by the war in Ukraine (-200bp), the non-recurrence of loyalty programs (-60bp impact) and the lockdowns in China (-220bp impact).

Against this backdrop, Seb has significantly reduced its annual guidance, with it now expecting sales to be flat y-o-y in 2022, with an operating margin of 8% to 8.5%.

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