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Legrand: Oddo upgrades stock

( - Broker Oddo BHF has upgraded its rating on the Legrand share from "neutral" to "buy," simulataneously increasing its target price from 64 euros to 93 euros, after the the electrical equipment supplier increased forecasts for sales growth and its EBITA margin.

While it acknowledges that Legrand did not perform optimally in 2020, with its geographical exposure, it foresees a better-than-expected recovery in 2021, boosted by renovation, data centers and - indirectly -recovery plans.

The analyst adds that despite the stock's recent rebound, it is still lagging some of its peers (especially Schneider Electric), noting that the stock is trading at a 2021 EV/EBIT multiple of 19.5x.

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