Faurecia: hit head on by broker downgrade
(CercleFinance.com) - The Faurecia share is down over 8% in early Wednesday afternoon trading, after Jefferies downgraded it from "buy" to "hold," having slashed its corresponding target price from 56 euros to 30 euros, in comments on European Automotive suppliers.
Indeed, Jefferies has cut its operating profit estimates for the sector by an average of 35% for 2020. "Based on this scenario... we consider current share prices as an attractive buying opportunity for companies with strong balance sheets," it comments.
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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.
Indeed, Jefferies has cut its operating profit estimates for the sector by an average of 35% for 2020. "Based on this scenario... we consider current share prices as an attractive buying opportunity for companies with strong balance sheets," it comments.
Copyright (c) 2020 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.