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Valeo: stock down on broker's caution

( - Oddo maintains its neutral rating on Valeo shares, along with its target price of 20 euros.

The broker said that the group has a product portfolio that should enable it to become one of the winning suppliers in the transformation of the automotive industry over the next few years, noting that the high level of economic uncertainty, particularly in Europe, does not yet suggest that automotive suppliers will return to the forefront on the stockmarket. However, it believes that Valeo will be one of the players to consider as soon as visibility improves.

The forecast of a 10% increase in volumes between H1 and H2, combined with an acceleration of the company's outperformance thanks to a number of launches, should enable it to record a much higher level of revenues and constitute one of the main levers for the improvement in profitability expected in H2.

Regarding inflation, the group maintainins a forecast of a net negative impact of 200 million euros this year for production purchases (raw materials, etc.) and 60 million euros for other items (salaries, etc.).

Investors seem to be focused on negatives today, with the car breaking down this morning - Valeo shares are currently down 7% at just under 18 euros.

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