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Alstom: Oddo reiterates rating

( - Altsom's revenues came in at 2,049 million euros, as expected, with organic growth of 2%.
Broker Oddo says that this shows that the impact of COVID has been largely offset by the sound performance of rolling stock (+9%) and signalling (+10%) businesses.

The group has confirmed its targets for the year ending March 2021. The acquisition of Bombardier Transport (BT) will of course change the medium-term outlook, Oddo says, with it therefore confirming its buy rating on the stock, with a target price of 52 euros.

At this stage, the broker expect a 40% CAGR of adjusted EBIT (all-inclusive) for Newco. Both groups benefit from the public backing that is currently being given to the rail sector and are positioned at the forefront of new technologies such as hydrogen (Alstom) or battery-powered trains (BT), it adds.

The market clearly agrees - at lunchtime on Tuesday the Alstom share is up over 4%.

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