Ayvens: Stifel still a buyer, cutting target price
(CercleFinance.com) - Stifel confirms its "buy" rating on Ayvens shares (formerly ALD), while lowering its target price for them from E19 to E17, following Friday's disappointing Q3 earnings call, which in particular was due to a loss on derivatives.
The analyst has reduced his estimates for the group given this surprise loss, which "is likely to be a recurring one", although the main disappointment in the publication remains the absence of a new dividend target.
While this "would have reassured investors who no longer have confidence in the company", the broker believes that they "will therefore have to wait another three months to hope for a significant rebound in the share price".
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