Edenred: Barclays still 'overweight' on stock - ups target
(CercleFinance.com) - Barclays has reinstated its "overweight" recommendation on the Edenred share and has raised its target price from 37.
5 euros to 45 euros, which is largely based on "higher profits, better than expected cash generation".
"The shares look undeniably expensive, but growth remains consistently strong," the broker points out, with it still expecting the group's organic growth to reach about 12% of its operating income in the first quarter.
"We continue to like Edenred's unique revenue growth profile, driven by market recovery, penetration gains and new product offerings," it continues, also pointing to strong cash generation and dividend growth.
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