Eiffage: Bryan Garnier downgrades stock.

(CercleFinance.com) - Bryan Garnier has downgraded its rating on Eiffage from "buy" to "neutral," due to a lack of upside potential relative to its new fair value of 90 euros (vs.
79 euros previously).

The broker also justifies its rating downgrade by the share's very good performance (+27% y-t-d), as well as relative to its peer Vinci (+18%).
Bryan Garnier points out that the construction and concessions group unveiled H1 sales that outperformed its estimate by 2%, while operating profit was in line.

“The backlog was robust... but the price environment remained subdued. This means margin improvement is possible, but certainly more challenging,” it added.



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