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Rexel: Berenberg still says buy, raises TP

( - On Monday Berenberg said that it has raised its target price for Rexel shares from E25 to E27, while maintaining its buy rating on the electrical equipment distributor's stock.

In its comments, the broker points out that, trading at a P/E of 9x for an FCF yield of over 10%, the share is trading at historic lows, despite a share price that has more than doubled in three years.

However, Berenberg points out that the makers of products that Rexel sells - i.e. Schneider, Legrand and Rockwell - are all trading at close to - or even above - their historical highs, a phenomenon that it considers is perfectly justified.

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