Dufry: Oddo still a buyer; adjusts target price

(CercleFinance.com) - An Oddo BHF analyst this morning said he is maintaining his “Buy” rating on the Dufry share, after the group published Q2 results that are "in line with expectations".


Noting in particular that the group published revenues that exceeded the consensus, despite organic growth that fell short of expectations (4.2%, vs. 5.2% expected by Oddo), the analyst believes that the group's business model remains solid, benefiting both from a buoyant global context for the group (international growth in air traffic) and its internal dynamics (deleveraging, improving profitability, return to positive organic growth, etc.).

However, Oddo BHF still said that at the group's conference call, management's tone was slightly more cautious - first -regarding the slowdown in Spain, which is set to continue at least over Q3 - as well as regarding FX factors that should continue to impact sales in South America.

The broker has therefore cut its target price for the share from 165 Swiss francs to 155 Swiss francs.



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