Valeo: Barclays upgrades stock
(CercleFinance.com) - Barclays has upgraded its rating on the Valeo share from "equal weight" to "overweight," with a new target price of 30 euros, with the broker saying in a sector report that it believes that "the worst is behind the sector" for automotive suppliers.
"Newsflow has been incrementally positive since April across key regions, putting the sector back under the spotlight in the quarter to date," the broker says.
"Unfortunately, such a positive outlook already seems mostly priced in at current valuation levels, except for Valeo (upgrading to OW, new PT E30) and Faurecia," it continues, which, over the next two years, sees "compelling turnaround stories".
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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.
"Newsflow has been incrementally positive since April across key regions, putting the sector back under the spotlight in the quarter to date," the broker says.
"Unfortunately, such a positive outlook already seems mostly priced in at current valuation levels, except for Valeo (upgrading to OW, new PT E30) and Faurecia," it continues, which, over the next two years, sees "compelling turnaround stories".
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.