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Fnac Darty: Oddo still a buyer, but revises target price

( - After the French government announced its decision to close "non-essential" shops, which includes Fnac Darty stores, Oddo BHF has cut its target price for the Fnac Darty share, while maintaining a buy rating.

First of all, remeber that we are not worried about the group's free cash situation. Indeed, this crisis could also be an opportunity for it to actually gain market share, as some players may have to restructure massively. However, on the downsides, there would be a particular risk if stores have to remain closed for over 1 month, which would me a "U-Shape scenario," with an impact on consumption in H2, reduced Opex, permanent store closures, and, ultimately, a sale of BCC, which has been hugely challenged by the situation, the broker says.

Oddo BHF has therefor cut its target price for the share from 72 euros to 50 euros, which still leaves it with significant upside potential of 112%.

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