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Bouygues: Jefferies raises target price.

(CercleFinance.com) - Jefferies has reinstated its "buy" rating on the Bouygues stock, raising its target price from 43 euros to 50 euros on, saying that "3Q results illustrated further momentum at both Bouygues Telecom and the construction assets.

"Management's confident tone suggests that the positive momentum witnessed in recent quarters should continue," the broker states in its research report about the French conglomerate.

It adds that, "Margin expansion across divisions driving strong FCF growth," with Jefferies estimating a leap in FCF generation from 400 million euros in 2016 to about 1.3 billion euros in 2019 (up from 1.1 billion euros previously).

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