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Aveva: Invest Securities downgrades stock

( - Schneider yesterday announced a 3,100p offer for Aveva shares, giving it an EV of 10.
1 billion pounds.

The buyout of the minority shareholders (41% of share capital) is primarily a strategic move, the financial rationale being limited in the ST. Analysts believe that this is primarily related to the acceleration of Aveva's migration to SaaS and the lack of investment recovery amongst Oil & Gas and Utilities clients, which are a burden in the short term, although which should facilitate a significant acceleration in growth and results over the medium-to-long term, Invest Securities says.

However, it adds that this horizon may be too distant for the stockmarket. For the time being, the 3,100p price appears to correctly value Aveva's outlook, especially in the current context of rising interest rates, the broker adds.

Invest Securities has downgraded its rating on the stock to neutral (from buy) before recommending that the shares be tendered when the offer is opened. The broker has reduced its target price to 3100p (from 3300p).

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