Alten: Invest Securities downgrades stock
(CercleFinance.com) - Invest Securities has downgraded its rating on the Alten share from "buy" to "neutral," reducing its corresponding target price from 97 euros to 95 euros, judging the stock to be fairly valued, after its strong performance since its adopted a buy rating in April (+41% in absolute terms and +19 points in relative terms).
A detailed revision of the broker's 2021 estimates has even led it to be more cautious, as it believes that the year is likely to continue to post falls in organic terms, due to a first quarter that is likely to be very difficult, the analyst warns.
Invest Securities expects a 20% like-for-like fall in Q1 2021, due to the onboard decline and a very demanding, as the group was still posting growth in the first quarter of 2020.
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