Alten: Invest Securities still buying, but cuts TP
(CercleFinance.com) - Invest Securities maintains its Buy rating on Alten shares, with a target price reduced from E162 to E152.
Like other IT services players, the rebound in business in H2 will not materialize, leading management to reduce its 2024 targets for the second time, this time with a greater impact on our net asset value (-10%), the analyst says.
The broker believes that profitability should return to a more normal level from 2025 onwards, thanks to the quality of management - hence the limited revisions for 2025-2026 (-2.5%).
Invest reiterates its buy rating on the stock, although is aware that the revaluation will have to wait until momentum improves, it says.
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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.
The information and analyses published by Cercle Finance are intended solely as a decision-making aid for investors. Cercle Finance cannot be held responsible, directly or indirectly, for the use of information and analyses by readers. Uninformed investors are advised to consult a professional advisor before investing. This information does not constitute an invitation to sell or a solicitation to buy.
Like other IT services players, the rebound in business in H2 will not materialize, leading management to reduce its 2024 targets for the second time, this time with a greater impact on our net asset value (-10%), the analyst says.
The broker believes that profitability should return to a more normal level from 2025 onwards, thanks to the quality of management - hence the limited revisions for 2025-2026 (-2.5%).
Invest reiterates its buy rating on the stock, although is aware that the revaluation will have to wait until momentum improves, it says.
Copyright (c) 2024 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.
The information and analyses published by Cercle Finance are intended solely as a decision-making aid for investors. Cercle Finance cannot be held responsible, directly or indirectly, for the use of information and analyses by readers. Uninformed investors are advised to consult a professional advisor before investing. This information does not constitute an invitation to sell or a solicitation to buy.