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Ingenico: Invest Securities says no visibility

( - Parisian broker Invest Securities maintains its “neutral” rating on the Ingenico stock, which is soaring over 7% this morning following the announcement of its annual accounts.

Arguing that visibility is not likely to improve, analysts have reduced their target price for the share from 56 euros to 46 euros.

Two weeks after the third profit warning for 2018, the most important thing to note in yesterday's publication was the group's guidance for 2019, the broker's research note says.

However, according to Invest Securities, this guidance is disappointing - especially for the Retail division, where the contribution made by acquisitions (BS Payone and Paymark) is lower than expected and especially the strong organic growth target (+10%) does not suggest any improvement in profitability. This explains reductions in earnings estimates and the share's target price.

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