Ayvens : Stifel still a buyer, cuts target price

(CercleFinance.com) - Stifel confirms its 'buy' rating on Ayvens (ALD) shares, while lowering its target price for them from E17 to E15, in the wake of a warning issued by the vehicle rental group, which it believes adds to its loss of credibility.


The broker says that the write-downs announced on Thursday, as well as a fall in used vehicle prices, particularly for 100%-electric vehicles (BEVs), are leading it to reduce its estimates for the group.

Nevertheless, Stifel believes that the share has reached a low point; it should benefit from the dividend confirmation and remains significantly undervalued in relation to its fundamentals, and that results should start to improve sequentially.


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