Bureau Veritas: Jefferies raises target price
(CercleFinance.com) - Jefferies maintains its "buy" rating on Bureau Veritas shares, its best pickin the services sector for TIC (testing, inspection and certification), increasing its target price by 7% to 30 euros.
Revisiting the TIC names after their annual results and a year of relative underperformance, the broker says it expects better performance in 2023, but "with valuations relatively full we remain
selective".
"Bureau Veritas is our preferred play on favourable end-market mix and strong execution," Jefferies says, which raises its 2023 and 2024 EPS estimates for the French group by 4% and 3% respectively.
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The information and analyses distributed by Cercle Finance are only intended as decision-making support for investors. Cercle Finance's responsibility may not be entailed, either directly or indirectly following the use of such information and analyses by readers. Any non-professional investor is recommended to consult a professional advisor before making any investment decision. This indicative information in no way constitutes any invitation to sell or buy securities.
Revisiting the TIC names after their annual results and a year of relative underperformance, the broker says it expects better performance in 2023, but "with valuations relatively full we remain
selective".
"Bureau Veritas is our preferred play on favourable end-market mix and strong execution," Jefferies says, which raises its 2023 and 2024 EPS estimates for the French group by 4% and 3% respectively.
Copyright (c) 2023 CercleFinance.com. All rights reserved.
The information and analyses distributed by Cercle Finance are only intended as decision-making support for investors. Cercle Finance's responsibility may not be entailed, either directly or indirectly following the use of such information and analyses by readers. Any non-professional investor is recommended to consult a professional advisor before making any investment decision. This indicative information in no way constitutes any invitation to sell or buy securities.