Havas: Oddo BHF downgrades to neutral.
(CercleFinance.com) - Oddo BHF has downgraded its rating on Havas to Neutral and has adjusted its target price to 9.
25 euros, following the media group's interim results publication.
Oddo pointed out that management has indicated that it will no longer be able to meet its 2017 guidance, although has not provided any new estimates.
The broker's analysts have reduced their estimates to respectively 0.8% and 13.2% respectively (against +1.9% and +14.6% previously.
In the longer term, the group confirmed its margin forecast at 15%, without specifying when this would be reached.
In June 2017, Vivendi signed an agreement to buy Bolloré's majority stake in Havas (59.7% of the capital) at a price of 9.25 euros per share. Oddo BHF recommends investors tender their shares to the offer.
Copyright (c) 2017 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.
25 euros, following the media group's interim results publication.
Oddo pointed out that management has indicated that it will no longer be able to meet its 2017 guidance, although has not provided any new estimates.
The broker's analysts have reduced their estimates to respectively 0.8% and 13.2% respectively (against +1.9% and +14.6% previously.
In the longer term, the group confirmed its margin forecast at 15%, without specifying when this would be reached.
In June 2017, Vivendi signed an agreement to buy Bolloré's majority stake in Havas (59.7% of the capital) at a price of 9.25 euros per share. Oddo BHF recommends investors tender their shares to the offer.
Copyright (c) 2017 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.