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Bouygues: Bryan Garnier upgrades stock

(CercleFinance.com) - Broker Bryan Garnier has upgraded its rating on the Bouygues stock from "neutral" to "buy," while placing its fair value for the share under review, following the conglomerate's publication of annual results that exceed expectations.

The broker highlights Q4 net income of 372 million euros, well above the consensus of 190 million euros, as well as underlying operating profit of 444 million euros and revenues of 9,076 million euros, respectively 2.5% and 5.4% above the consensus.

The "Outlook is fine with the backlog up 8% at constant currencies at end December, vs 9% at end September," Bryan Garnier also notes, which sees a favourable momentum for all of the group's businesses.

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