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Eutelsat: Berenberg cuts target price

( - On Wednesday Berenberg maintained its "hold" rating on Eutelsat Communications shares, while trimming its target price for them from 12 euros to 11.
8 euros.

In a report, the German broker does not hide its annoyance with the French satellite operator, at least from a stockmarket viewpoint.

With revenues and operating profit (Ebitda) declining and a change in CEO that could call into question the scenario of a return to growth in 2022/2023, there is little to like about the investment case that is Eutelsat per se, the broker notes.

Despite this, the stock is cheap, the group generates cash and could participate in a consolidation movement within the sector, analysts acknowledge.

The market seems more reluctant - the share is currently down about 1.5% at about 10.7 euros in Paris.

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