Dassault Aviation: Credit Suisse cuts target price

(CercleFinance.com) - Credit Suisse has cut its forecasts for Falcon deliveries over 2020-22 to 40/40/50 respectively, from 47/52/57 previously.


"Even excluding Covid-19, the environment appears unsupportive for bizjets in general and for Dassault in particular. The entry in service of the Falcon 6X in 2022e should help change the trajectory," Credit Suisse says.

The broker has also marginally altered its forecast for Rafale deliveries over 2020-22, expecting them to fall in 2022.

However, it confirms an "outperform" rating on the share, cutting its corresponding target price to 1,590 euros (from 1,680 euros), to reflect a more cautious stance regarding Falcon deliveries.

Despite this, we continue to believe that Dassault is an attractive investment," it adds.



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