Bénéteau: Oddo BHF slightly reduces its target

(CercleFinance.com) - Oddo BHF maintains its 'neutral' rating on Bénéteau shares, with its target price lowered from 11.
5 to 11 euros.

The analyst points out that the Bénéteau Group reported quarterly sales of €179.5 million, whereas Oddo BHF was expecting €198.7 million and the consensus was €210 million.

The Group is suffering an impact of around -30 ME (-110 ME since the beginning of the year) linked to distributors' desire to reduce their inventories", says the broker.

"For 2024, management confirms that its Boat sales will be around 1 BnE, noting that it will suffer from the non-recurrence of the replenishment of distributor inventories in 2023 (240 ME) and that the sharp rise in interest rates will result in distributors' desire to reduce their inventories", reports Oddo BHF.

Against this backdrop, the broker nevertheless leaves its estimates unchanged.


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