Ingenico: Invest Securities no longer a buyer

(CercleFinance.com) - In a report released this Friday, Invest Securities has not spared Ingenico.


The analyst monitoring the stock has downgraded his "buy" rating to "neutral," cutting his target price for the share to 86 euros, vs. 110 euros previously.

He says that he is "obliged" to significantly reduce his estimates (by -13% to -16% for 2018/20 EPS), taking into account an FX impact that is much worse than expected and the weakness of the "Bank & Buyer" business.
Invest Securities also mentions weak H2 results, as well as M&A issues that could be worrying, with a future capital increase required in the event of the group acquiring SIX.

He concludes that: despite the stock's decline yesterday (-16%), the broker has removed the stock from its best-pick selection after it has completely wiped out its outperformance seen at the start of the year.

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