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Legrand: Credit Suisse cuts target price

( - Credit Suisse reiterates its "underperform" rating on the Legrand share with a target price of 63 euros (vs.
65 euros previously), in the wake of 2020-22 EPS estimates that have been reduced by an average of 17% to reflect the impact of Covid-19.

"Although we find Legrand's valuation undemanding, we see more attractive valuation stories in Schneider and Siemens, while KONE (all O/P rated) remains our preferred pick in the quality space," the broker says.

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