Amadeus: Oddo BHF raises target price

(CercleFinance.com) - Oddo BHF reiterates its 'outperform' rating on Amadeus IT shares, inceasing its target price for them from E78 to E80, following a release from IATA and its latest discussions with the Spanish online air travel retailer.


The broker sees some slightly negative elements, but also some positive ones, leading it to reduce its forecasts for 2024 (-3% on sales, -4% on EBIT), with only slight reductions for 2025 (-1.5% on sales and EBITDA).

Amadeus remains one of the few software companies trading at a modest multiple (17x EV/EBIT 2024, compared with a historical range of 14x to 18x), the analyst adds, for whom risk/reward still looks positive.


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