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Alten: Oddo raises target price

( - Oddo maintains its outperform rating on Alten shares, having increased its target price for them from 165 euros to 176 euros.

The broker bases its stance on Alten's solid 2022 results, with an 11.1% OMA, which is higher than expected (vs. Oddo BHF & Css: 10.9%) and higher than the group's historical standards, despite an unfavourable price/salary effect.

Oddo highlights the solid 2023 growth outlook. Management expects a slight deterioration in its OMA vs. 2022, albeit still above 10% (vs. Oddo BHF: 10.4%).

Alten also unveiled its 2023-2026 development plan, which targets an OM of at least 10% and a around 70,000 engineers by 2026, implying average annual growth of close to 9%, the analyst reports.

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