Ayvens: Deutsche Bank still buying, but cuts TP

(CercleFinance.com) - Deutsche Bank announced on Tuesday that it had lowered its target price for Ayvens shares from E10.
2 to E9.8, while renewing its buy recommendation on the stock.

In a research note, analysts believe that Société Générale's car rental subsidiary is "moving in the right direction", as evidenced by the stock market's favourable reception (+9%) of its Q2 results.

According to the analyst, Ayvens reported "good operational progress", whether in terms of profit margins, cost control or synergies linked to the integration of LeasePlan.

In its view, the favourable momentum of these indicators is set to continue, and the company is well on track to achieve its medium-term targets.

Deutsche Bank therefore considers that the share price's 8% consolidation that followed the publication to be a new buying opportunity, noting that its target price reflects around 60% upside potential.


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