Legrand: Oddo still a buyer, cuts target price
(CercleFinance.com) - Oddo reinstates its "outperform" opinion on Legrand, while reducing its target price from 104 euros to 100 euros, incorporating new market data, the day after the group published results marking a very good start to the year.
The broker forecasts organic growth of 5.9% for 2022 (compared with 4.5% previously) and an adjusted EBIT margin of 20% (unchanged), leading it to raise its EPS estimates for 2022 and 2023 by over 3%.
The ability to pass on price increases and the recovery in non-residential construction demand will provide significant support in the coming quarters. This comes on top of the group's new markets and stimulus plans, analysts said.
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