Assystem: Stifel downgrades stock

(CercleFinance.com) - Stifel has downgraded its recommendation on the Assystem stock to Hold (from Buy), with a target price reduced from E52 to E38 (cp: E36, -9.
2%).

The analyst believes that the group has published 2024 annual results in line with expectations in terms of operating performance, but with prospects significantly weaker than expected.

We believe that the new French budget constraints linked to the rise in military requirements will weigh on investment capacity in civil nuclear power and impact Assystem's French business. As a result, the group's growth should continue to slow in 2025 and remain relatively weak in 2026, due to France, Stifel says.

In addition, Expleo, which is 37% owned and represents 40% of Assystem's enterprise value, is facing the same difficulties, with a slight decline in activity in H2 2024 and a difficult outlook for 2025.


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