Chargeurs: stock down - Oddo BHF cuts TP
(CercleFinance.com) - Oddo BHF maintains its "outperform" rating on Chargeurs shares, although has reduced its target price from E23 to E19 (cp: E13, -10%), after a quarterly trading update led it to reduce its EPS guidance by 18% on average for the group.
Following this publication, the broker reduced its estimates for 2023 - it now expects sales of E769m, up 3% (+2% on a comparable basis), with operating profit of E44.4m, i.e. an operating margin of 5.8%.
This Q1 is logically disappointing in the near term, although the share's momentum should improve in H2, with the announcement of a major acquisition in the luxury goods sector also potentially being a good catalyst for the share, the analyst said.
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The information and analyses distributed by Cercle Finance are only intended as decision-making support for investors. Cercle Finance's responsibility may not be entailed, either directly or indirectly following the use of such information and analyses by readers. Any non-professional investor is recommended to consult a professional advisor before making any investment decision. This indicative information in no way constitutes any invitation to sell or buy securities.
Following this publication, the broker reduced its estimates for 2023 - it now expects sales of E769m, up 3% (+2% on a comparable basis), with operating profit of E44.4m, i.e. an operating margin of 5.8%.
This Q1 is logically disappointing in the near term, although the share's momentum should improve in H2, with the announcement of a major acquisition in the luxury goods sector also potentially being a good catalyst for the share, the analyst said.
Copyright (c) 2023 CercleFinance.com. All rights reserved.
The information and analyses distributed by Cercle Finance are only intended as decision-making support for investors. Cercle Finance's responsibility may not be entailed, either directly or indirectly following the use of such information and analyses by readers. Any non-professional investor is recommended to consult a professional advisor before making any investment decision. This indicative information in no way constitutes any invitation to sell or buy securities.