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Veolia: Berenberg reduces target price

( - On Thursday Berenberg reduced its target price for Veolia Environnement shares from 39 euros to 36.
5 euros, while maintaining its buy rating on the stock.

In a report, the broker believes that the environmental services group's share price reflects too pessimistic a view from investors regarding the company's exposure to the economic slowdown.

The share's current price also undervalues the attractive fundamentals of the Suez acquisition, as well as the growth opportunities for the newly enlarged group, it added.

The analyst says that this period of uncertainty therefore represents a buy opportunity for investors willing to take exposure.

The share is currently down 2.8% at just over 25 euros.

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