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Elior: Oddo upgrades 'reduce' rating.

(CercleFinance.com) - Oddo has upgraded its "reduce" recommendation on Elior to "neutral," while trimming its target price for the share from 19 euros to 17.
5 euros, following Philippe Guillemot's appointment as CEO. This appears to end managerial uncertainty, although does not give any real guarantee for the future.

The broker's analysts believe that the phase of downward revision of EPS estimates is coming to an end and that the risk/reward tradeoff is becoming more balanced - unless a deeper de-rating is expected, which the broker says does not seem to be likely given the sector (and group) fundamentals.

In spite of limited downside, it still seems to be too early for investors to return to the stock, given its valuation, which remains relatively generous, trading at a 2018e EV/EBIT multiple of 13.9x (vs. average of 12.6x since the IPO), the analyst says.


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