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Valeo: Invest Securities drops buy rating

(CercleFinance.com) - After the share has risen by 60% rise over three months, Invest Securities has downgraded its rating on Valeo from "buy" to "neutral," while raising its target price to 26 euros (vs.
from 23.7 euros previously), which gives the share limited upside potential of 7%.

While H1 sales of 7,058 million euros (-28%) were in line with estimates, the results suffered, the analyst points out, citing EBITDA of just 202 million euros (-83%).

The lack of visibility forces the group to display a very cautious guidance, below our estimates for a rebound, Invest Securities continues, which therefore reduces its EPS estimates, having adopted a more cautious scenario for a recovery.


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