Elior: Bryan Garnier downgrades 'buy' rating
(CercleFinance.com) - Elior, which yesterday announced its targets for the next three years, this morning saw an analyst at Bryan Garnier downgrade his “buy” rating on the share to “neutral.
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The broker says that after three years of declining margins and increasing capex, the group's new management's main aims are to stabilise the situation in order to start on a healthier basis, in an environment that is marked by renewed inflation and changes in behaviour - particularly amongst the young.
Considering targets that are "below (its) expectations," the analyst now estimates the share's intrinsic value at 14.50 euros, against 17.50 euros previously.
Copyright (c) 2018 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 broker says that after three years of declining margins and increasing capex, the group's new management's main aims are to stabilise the situation in order to start on a healthier basis, in an environment that is marked by renewed inflation and changes in behaviour - particularly amongst the young.
Considering targets that are "below (its) expectations," the analyst now estimates the share's intrinsic value at 14.50 euros, against 17.50 euros previously.
Copyright (c) 2018 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.