Beneteau: sanction too severe, Portzamparc says
(CercleFinance.com) - Portzamparc, the broker that is specialised in Parisian "smidcaps," persists regarding its stance on the Beneteau stock, which was hammered in the market yesterday (-20.
Maintaining their “buy” rating on the stock, analysts have a target price of 21 euros. This represents upside potential of over 60%.
Q3 sales figures published by the boat maker fell short of analysts' estimates, reaching 420.9 million euros, against 455 million expected.
Following the group's recent announcements, Beneteau saw one-fifth of its market capitalisation wiped out. According to Portzamparc, the sanction is (too) severe, in that it does not reflect the fundamental work carried out by the group (...) to meet a demand that remains upbeat, the broker states in its report. In addition, the strategic plan entitled "Transform to Perform" appear to be largely ignored by analysts.
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