Alten: Invest Securities downgrades stock

(CercleFinance.com) - Analysts at Invest Securities have downgraded their recommendation on the Alten share from Buy to Neutral.

Alongside this downgrade, they have also cut their target price for the share to 102 euros (vs. 105 euros). They are also removing the share from their IS Selection.

While for a few weeks we have been asking the question about whether to pause on the share, as organic growth in the sector seems to have peaked, very disappointing PMI indicators released on Friday (44.7 vs. 48 expected for the German manufacturing sector in particular) are influencing us to downgrade the share, the broker says.

Invest Securities does not believe that growth in the sector is unrelated to the macro environment. Analysts are worried that the very demanding consensus regarding Alten's growth (+8.7%/+6.0%/+6.8% expected on LFL growth over 2019-21) will be reduced.



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