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Aveva: Stifel downgrades stock

( - Stifel has downgraded its rating on Aveva shares from 'buy' to 'hold', having reduced its corresponding target price from 3551p to 3000p, believing that in the short term the share's price will depend on the news flow regarding a potential bid from Schneider regarding remaining shares.

"We believe Aveva's strategy to push towards subscriptions and the cloud is the right one; however, we think there exists significant uncertainty in the pace of this business model transition," the broker said in its comments on the British group.

From this viewpoint, the target EBIT margin of over 35% in 2026 seems optimistic given the mix effect of the faster growing, lower margin cloud business and potential additional investment in the cloud.

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