Vinci: Barclays cuts target price
(CercleFinance.com) - While maintaining its “equal weight” recommendation on the Vinci stock, Barclays has trimmed its target price from 90 euros to 87 euros, saying that it sees a more convincing valuation at its peer Eiffage.
"We expect the yellow vests crisis to have had a material impact on motorway traffic in Q4-18 and possibly still in January (but to a much lower degree)".
"We also account for the greater discount conceded to frequent users, mitigating the 2019 tariff increase, but largely de-risking the regulatory outlook in our view," the broker adds, with it reducing its EPS estimates.
Copyright (c) 2019 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.
"We expect the yellow vests crisis to have had a material impact on motorway traffic in Q4-18 and possibly still in January (but to a much lower degree)".
"We also account for the greater discount conceded to frequent users, mitigating the 2019 tariff increase, but largely de-risking the regulatory outlook in our view," the broker adds, with it reducing its EPS estimates.
Copyright (c) 2019 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.