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Dassault Systèmes: HSBC cuts target price

( - On Thursday, HSBC reduced its target price for Dassault Systèmes shares from E50 to E47, while renewing its buy rating on the stock.

The broker explains that it has reduced its earnings estimates for 2024 and 2025 by 1.6% and 1.9% respectively, following the disappointing annual results published on 1 February.

While regretting the volatility of the software group's performance, HSBC believes that its long-term prospects remain intact, highlighting the recent BMW contract win.

In its view, this "important" agreement validates the quality of its offering, while illustrating the opportunities arising from cross-selling.

While the share price has fallen by 13% since the publication, the analyst points out that the stock's P/E, which has returned to 32.5x for 2024, now appears to be "less tense".

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