Safran: Oddo raises target price

(CercleFinance.com) - Oddo maintains its "outperform" rating on Safran shares and has increasing its target price for them to 140 euros, from 135 euros.


The broker believes that the 2021 financial year has started very slowly, with a low point certainly reached in February for most divisions.

However, the recent trend is improving significantly, Oddo notes, which also points out that the lifting of travel restrictions announced in most European countries for the end of May-beginning of June will lead to a strong recovery.

Furthermore, with the adjustment in the group's workforce underway (-2000 people vs. end-2020), the broker expects structural savings of around 500 million euros. The reduction mainly affects permanent staff, as temporary staff are increasing, certainly to prepare for the ramp-up of single-aisle aircraft, Oddo said.


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