Seb: Oddo cuts target price
(CercleFinance.com) - The group will publish its Q3 sales after trading on 26 October.
Oddo says that after a 12.7% increase in consumer sales in H1 2021 (compared to H1 2019), business should continue to remain strong in Q3, with estimated growth of 9.4% (compared to Q3 2019).
Meanwhile, for the professional sector, analysts expect a continued recovery in business, with a limited decline of around 18% compared to -25.8% in H1. In all, they expect Q3 sales of 1,890 million euros, +6.3% relative to Q3 2019 and +5.2% relative to Q3 2020.
The group's FY guidance is based on over 10% sales growth (compared to 2020), which seems cautious, as analysts are expecting +12.7%.
In all, Oddo has reduced its price target for the share to 177 euros (from 191 euros), due to the 6% fall in EPS in 2022. However, the broker maintaints its Outperform rating on the stock.
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