Legrand: Oddo reiterates rating and target price

(CercleFinance.com) - The consensus forecast Q1 2021 organic sales growth of 1.
7%, compared with a 7.3% decline in Q1 2020, Oddo analysts said today.

For Q1, they expect organic growth to be well above consensus, at 3.1%, integrating a strong rebound in the Rest of the World region, Oddo says.

It also expects a return to growth in Europe, helped by comparison basis effects (-5.1% in Q1 2020).

At the operating level, analysts expect an adjusted EBIT margin of 19.3%, up 70 bp.

The analyst says that for 2021, Legrand forecasts organic growth of +1% to +6%. The consensus, which recently reduced its forecasts, is still at the top end of this range, at 5.7%, while Oddo expects more at 7.7%.

Oddo confirms its Outperform rating on the stock with a target price of 93 euros.

The share is currently up almost 1%, more than doubling the CAC 40's 0.4% rise.


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