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Faurecia: hit head on by broker downgrade

( - The Faurecia share is down over 8% in early Wednesday afternoon trading, after Jefferies downgraded it from "buy" to "hold," having slashed its corresponding target price from 56 euros to 30 euros, in comments on European Automotive suppliers.

Indeed, Jefferies has cut its operating profit estimates for the sector by an average of 35% for 2020. "Based on this scenario... we consider current share prices as an attractive buying opportunity for companies with strong balance sheets," it comments.

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