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Valeo: Berenberg maintains buy rating

( - On Monday Berenberg renewed its buy rating on Valeo shares, maintaining its target price of 24 euros, following the stock's heavy fall on Friday.

In its comments, the broker attributes this bout of weakness to the group's outlook for 2023, which is considered excessively cautious, as well as to Mercedes-Benz's announcement that it has chosen the American company Luminar for its LiDAR remote sensing technologies, where Valeo was until now its sole supplier in this area.

Nevertheless, the analyst believes that the French automotive supplier has an upbeat order book, as well as sufficient leeway to regain positive momentum.

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