Legrand: Oddo still a buyer
(CercleFinance.com) - Oddo BHF reiterates its 'outperform' rating on Legrand shares, along with its target price of 109 euros, saying that Q3 should confirm the positive trends and that an adjustment to the 2021 guidance is "possible, although not certain.
Analysts expect a better-than-expected recovery in this early part of the up-cycle, supported by stimulus plans and Legrand's rise to prominence in these new markets (data centres, energy efficiency, connected products), they point out.
The broker expects organic growth of 4.7% p.a. over 2022-2025 and believes that with an EBIT margin already above the medium-term target (20%), the group will be able to give itself the means to capture this future growth.
The Legrand share is currently down about 0.3%, although is outperforming the CAC 40 by about 0.5% In Paris.
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