Aveva: Crédit Suisse downgrades stock
(CercleFinance.com) - Crédit Suisse has downgraded its "outperform" rating on the stock of British multinational IT company Aveva to "neutral", as its current price is now close to the broker's target price, which it has raised to 4,800 pence from 4,700 pence previously.
The broker says that it is "encouraged to see the recently announced OSI deal", which "which adds to the group's market opportunity as well as being financially accretive", with an expected 18% increase in its 2022 EPS.
"This provides a lever of long-term growth for AVEVA in an attractive industry," Crédit Suisse says, although it considers that some factors, such as the cyclical nature of its business, will limit the share's upside potential in the near term.
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