Legrand: Credit Suisse a buyer with the Eliot range

(CercleFinance.com) - Credit Suisse this morning confirmed its buy rating ("outperform") on the share of the low voltage electrical equipment maker Legrand, which published its annual accounts yesterday.


Unveiling their earnings estimates, analysts have adjusted their target price for the share from 70 euros to 72 euros. This represents upside potential of around 17%. In particular, it mentions connected devices.

Citing the reduction in the tax rate, and while their sales estimates remain unchanged, analysts have raised their earnings projections by around 3% for 2018 and 2019, which explains why they have upgraded the stock.

“We continue to see a solid investment case in Legrand at this juncture based on European construction improvement (and in particular France), further growth in connected devices (Eliot now 9% of group sales, growing double digit lfl) and acquired growth,” its research report points out.


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