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Ceconomy: Invest Securities raises target price

(CercleFinance.com) - In a report issued on Thursday morning, Invest Securities has inched up its target price for the Ceconomy share from 13 euros to 13.
3 euros, confirming its "buy" rating.

Although results of the financial year 2016/2017 resulted in little enthusiasm amongst investors, in the analyst's opinion, this reluctance is just "an avatar, even though the motive for profit taking in the stockmarket, is the presumed lack of future growth prospects (+5% EBIT excluding FNAC), is part of an eminently conservative thesis".

"Anyway, the case's major strength remains - following the profile of FNAC Darty - potential for value creation on increasing control of Capex and BFR, which has been standardised after the drift associated with digitalisation," the broker explains, which praises the group's strategy, which has ben matured before the spin-off, and "is being deployed rapidly on all fronts in a context that encourages its execution".

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