Veolia Environnement: Berenberg raises target price

(CercleFinance.com) - Berenberg raised its target price for French utility group Veolia Environnement from 20.
75 euros to 22.40 euros, and kept its "buy" rating on the stock.

In a note to clients, the German broker said that it expects continued efficiency improvements and organic growth to drive a robust 10% growth in Veolia's net income by 2023, with 8% growth in its dividend.

"We believe that these drivers will help the now more economically resilient group overcome a forecast temporary slowdown in European industrial production growth," it wrote.

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