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Faurecia: Oddo cuts target price

(CercleFinance.com) - Oddo has confirmed its Neutral rating on the Faurecia stock, following the group's announcement of its acquisition of Clarion.


Following Faurecia's announcement of its acquisition Clarion, we have cut our estimates and included our more cautious production scenario for 2019 (+0.3% e), the broker says. Analysts have therefore cut their target price to 45 euros (from 60 euros).Analysts believe that it is still too early for investors to return to the equipment manufacturers, let alone those whose estimates have not been revised (Oddo says that it is 5% below 2019 estimates after the consolidation of Clarion over 9 months).

The current momentum, as good as it may be in relative terms for Faurecia (which has not made a profit warning), but especially the lack of visibility, do not seem to argue in favour of an upgrade. Finally, we are not convinced by the group's announcement of its acquisition of Clarion or its strategic relevance.



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