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BIC: Oddo BHF cuts target price

( - While maintaining his "neutral" rating on Bic, Oddo BHF has reduced its corresponding target price from 72 euros to 66 euros (vs.
current share price of just over 62 euros), in the wake of the group's profit warning on Friday evening, due to a bad third quarter.

This fall in profits is of course bad news, although is does not really come as a major surprise, the analyst ssays, who already had a cautious scenario and in particular an operating margin at the bottom of the guidance provided (16.8%).

The broker has marginally adjusted its sales estimates and has trimmed its underlying EBITDA forecast by 1.8% to 324.2 million euros for 2019, although has cut its EPS estimate by a lot more (-10%).

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