Safran: Deutsche Bank upgrades to buy

(CercleFinance.com) - Deutsche Bank announced on Tuesday that it has upgraded its rating on Safran shares from 'hold' to 'buy', with a higher target price of E243, up from E214.


The analyst justifies his decision by the correction that followed the group's last CMD, while highlighting the strength of the dossier from a long-term perspective.

Safran is known for promising little but doing better than expected, the broker says.

The CMD was no exception to the rule, in our opinion, he continues.

While targets may have been perceived as below expectations, we consider them prudent, Deutsche Bank says, which sees the launch of a E5bn share buyback program as another positive factor, testifying to the group's confidence in its ability to generate cash flow.


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