Valeo: Berenberg reduces target price

(CercleFinance.com) - On Monday Berenberg reduced its target price for Valeo shares from 39 euros to 35 euros, although maintains its buy rating on the stock.


In its comments, the German broker points out that the French automotive supplier has significantly underperformed its sector this year, a delay that it says, amongst other things, is due to the group's heavy dependence on the semiconductor sector and the rise in raw material prices.

However, Berenberg believes that the French group's solid execution in the first half of the year and the fact that it maintains its annual targets should ease investors' concerns - at least in part.


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