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Plastic Omnium: Invest Securities raises target price

( - Invest Securities believes that the group's Q1 2020 results came in as a pleasant surprise, largely exceeding expectations, with sales -2.
2%. However, the broker says that the group is unlikely to repeat this in Q2, hence going against the grain.

However, the broker says that its market guidance - for both H1 and 2020 seems particularly pessimistic: -35% and -25%, while the reopening of factories should be completed at the end of June, appear particularly pessimistic - although the group has often been right.

The broker is raising its 2020 EPS estimate to 0.85 euro, against 0.47 euro, and still expects it to recover in 2021 and 2022.

Invest Securities has raised its target price for the share to 15.8 euros (against 14 euros). However, it maintains its NEUTRAL rating on the share, pending the restart of activities and until the suspended operational targets have been reformulated, analysts add.

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