Alten: Invest Securities cuts target price
(CercleFinance.com) - Invest Securities maintains its "neutral" rating on Alten shares, while reducing its target price for them from E136 to E118 (cp: E107, -3%).
Analysts say that there's no drama, just the confirmation of a deterioration.
After a long period of very strong growth (7 quarters of organic growth of over 10%), the trend reversal seen at the end of July has been confirmed, with a slowdown in Q3 (in line with analysts' expectations), although above all a slight warning on 2023 results and cautious talk about 2024, they continue.
Against this backdrop, the broker is more cautious than the consensus (notably regarding 2024 growth) and has revised its 2023-25 EPS estimates by -3.6%/-7.4%/-2.1% respectively.
However, given the stock' short-term momentum, analysts feel that it would be premature to upgrade the stock, even though the quality of management, Alten's solid business model and M&A leverage are key strengths, they conclude.
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.
Analysts say that there's no drama, just the confirmation of a deterioration.
After a long period of very strong growth (7 quarters of organic growth of over 10%), the trend reversal seen at the end of July has been confirmed, with a slowdown in Q3 (in line with analysts' expectations), although above all a slight warning on 2023 results and cautious talk about 2024, they continue.
Against this backdrop, the broker is more cautious than the consensus (notably regarding 2024 growth) and has revised its 2023-25 EPS estimates by -3.6%/-7.4%/-2.1% respectively.
However, given the stock' short-term momentum, analysts feel that it would be premature to upgrade the stock, even though the quality of management, Alten's solid business model and M&A leverage are key strengths, they conclude.
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.