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Alstom: Invest Securities downgrades stock

(CercleFinance.com) - Invest Securities has downgraded its rating on the Alstom share from "neutral" to "sell," while nuding up its corresponding target price from 39.
5 euros to 40.2 euros (current price just under 50 euros), after its 4.6% increase, which the broker says brings the share's valuation to a three-year peak with multiples that have become very demanding.

Whilst the group's Q1 publication was not as bad as expected, the broker warns that the impact of the decline in quarterly sales on its 2020/21 EBITA margin and free cash flow should be more severe than expected.

This is leading the broker to reduce its 2020-21/23 EPS estimates by -7%/-3%/-5.7% respectively, adds the analyst, specifying that these include - as from 2021/22 - the estimated results of Bombardier, which have also been reduced.


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