Bouygues: Barclays raises target price
(CercleFinance.com) - Barclays maintains its "equal weight" (neutral) rating on the Bouygues share, while increasing its corresponding target price to 36 euros, following the conglomerate's publication of Q3 results which are "beating estimates and evidencing better trends in all business lines".
"The key focus, however, is on 2021, and while this set of earnings evidences a faster than expected recovery during 2020, the impact on our 2021 estimates is limited on the construction-related business," the broker says against this seemingly upbeat point.
For telecoms, Barclays says it is increasing its capex estimates and taking a "more conservative" view on the contribution of EIT (Euro-Information Telecom) to profitability in the short term.
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