Assystem: Stifel cuts target price

(CercleFinance.com) - Stifel reiterates its buy recommendation on the Assystem stock, but has cut its target price to E57 (from E60) following the announcement of its H1 2024 results.


The analyst believes that Assystem has published solid H1 2024 results, particularly regarding the profitability of its core business, with a +17.8% increase in adjusted EBIT for a margin of 6.1% at group level.

In addition, the outlook for 2024 has been confirmed, although after the company's conference, we were slightly disappointed by the outlook beyond 2024, which has led analysts to trim their guidance and slightly reduce sales forecasts for 2025E (by -1%).

More importantly, we have significantly reduced Expleo's contribution to Assystem's results, Stifel adds.


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