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Valeo: Jefferies double upgrades stock

( - Jefferies has upgraded Valeo shares from "underperform" to "buy", with its target price raised by 47% to E22, in its comments on automotive suppliers.

"Operating environment is finally turning supportive of Suppliers and the post-Covid downward earning cycle appears to be coming to an end", the broker says, which would "use any potential disappointment on price compensation to build exposure".

Jefferies expects Valeo's "1H earnings to be the inflection point and outperformance and margin to accelerate from 2H partly driven by new launches".

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