Arkema: Oddo still a buyer, but cuts target price

(CercleFinance.com) - Oddo BHF reinstates its "outperform" rating on Arkema shares, deeming the chemical group's valuation as still being attractive, despite an updated target price of 110 euros, compared with 145 euros previously.


The broker says that the deterioration of its macro assumptions and increasing interest rates are impacting its earnings estimates (2022 unchanged, although 2023 and 2024 EPS reduced by 15%).

Nevertheless, Oddo still considers Arkema to be a very well managed company that will once again demonstrate its ability to adapt to a deteriorating macro environment (while waiting to take advantage of the next favourable macro cycle).


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