Esker: Oddo BHF downgrades stock

(CercleFinance.com) - While raising its target price from E220 to E262, i.
e. the price of Bridgepoint's proposed friendly takeover bid, Oddo BHF has downgraded Esker shares from 'outperform' to 'neutral', pending a more detailed assessment of the offer.

At first sight, the speculative pattern could persist on the share, insofar as the financial attractiveness of the offer appears questionable at this price, and probably insufficient to secure the squeeze-out at this stage, the analyst believes.

Also the broker maintains its organic growth, EBIT margin and FCF forecasts for Esker unchanged, following the publication of H1 results deemed in line with expectations.


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