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Valeo: Oddo's worst pick in sector

( - In the OEM segment, with Plastic Omnium remaining Oddo's best pick (Buy rating), Valeo is its worst pick (Reduce rating).

The broker says that the recent OEM stockmarket rally still seems premature in the face of fundamentals that remain fragile, coupled with limited visibility.

Although there should be no more unpleasant surprises in 2019, expectations for 2020 remain too high (about 6%), given Oddo's scenario of a further decline in production (-0.7%), it adds.

Oddo hence believes that it is too early to reposition itself on OEMs, aiming for a rerating, while expectations are set to decline further.

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