Exel Industries: Oddo BHF downgrades stock
(CercleFinance.com) - Oddo BHF has downgraded its Exel Industries shares from 'outperform' to 'neutral', with a significantly reduced target price of E50 (from E66).
The analyst cites more limited visibility for the new financial year, especially for Agricultural Spraying, prompting him to downgrade.
In addition, Exel Industries published annual results below our expectations and the consensus, Oddo BHF says.
Previously published sales showed a very slight organic increase of +0.7%, although a 4.2% decline in Q4.
Results fell well short of analysts' expectations (-16% for UOP and -26.5% for NI). This decline is mainly due to lower volumes in agricultural spraying and leisure, as well as higher costs, Oddo BHF adds.
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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.
The analyst cites more limited visibility for the new financial year, especially for Agricultural Spraying, prompting him to downgrade.
In addition, Exel Industries published annual results below our expectations and the consensus, Oddo BHF says.
Previously published sales showed a very slight organic increase of +0.7%, although a 4.2% decline in Q4.
Results fell well short of analysts' expectations (-16% for UOP and -26.5% for NI). This decline is mainly due to lower volumes in agricultural spraying and leisure, as well as higher costs, Oddo BHF adds.
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.