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Legrand: Goldman Sachs upgrades to buy

( - Goldman Sachs Equity Research analyst Goldman Sachs Equity Research announced this morning that it is revising its recommendation for the Legrand group's stock from Neutral to Buy.

"Legrand has a long track record of sustaining high margins through crises. Consensus underestimates this: we are c8%/2% ahead for 2020/21 EBIT. For almost 30 years, Legrand's EBITDA margin has never contracted by more than 200bp. Strong pricing power and an executive team with on average >20 years of internal experience give us confidence that this crisis should be no different," the broker explains.

Goldman Sachs has therefore raised its target price for the share from 65 euros to 70 euros.

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