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Plastic Omnium: Invest Securities raises target price

( - Invest Securities confirms its neutral rating on the Plastic Omnium share, although has raised its target price from 15.
8 euros to 19.9 euros.

The broker said that, as expected, Q2 was a very difficult period for the group's H1 results, which were marked by the shutdown of activities in Europe and the NAFTA zone. EBIT became negative, FCF is heavily negative, while provisions for impairment and a new cost reduction plan complete the picture.

There will only be a partial catch-up in H2 and the market guideline for H2 and in 2021/22 remain the most pessimistic in the group's sector. As a result, analysts are reducing their 2020/22 EPS estimates by -86%/-38%/-18% respectively, adopting a recovery scenario that is weaker than our previous hopes, Invest Securities adds.

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