Rexel: Credit Suisse confirms rating
(CercleFinance.com) - Credit Suisse has cut its 2020 and 2021 EPS forecasts by 38% and 9%, respectively, with the broker integrating the impact of closures relating to Covid-19 into its estimates.
Analysts have cut their corresponding target price to 10 euros and confirm their neutral rating on the share.
"We maintain a neutral stance at this juncture, with some concerns over near-term earnings volatility given the degree of shutdowns in the most profitable geographies," Crédit Suisse says.
"For 2021, we expect construction markets globally to operate at 'back to normal' levels (in-line with 2019) while general industrial to still track c3-5% below (weighed by Aerospace, Auto, Marine, Mining and O&G)," it added.
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