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Bouygues: results above Oddo's expectations

(CercleFinance.com) - Bouygues has reported Q2 sales that are 3% above expectations.

Up 6.7% at 9.5 billion euros, sales were boosted by strong figures in telecom (5% above Oddo's expectations) and construction.

Q2 underlying operating profit came in at 511 million euros (against Oddo BHF's estimate of 430 million euros and the consensus of 397 million euros) i.e. 114 million euros above the consensus and 80 million euros above the broker's expectations, Oddo says. The broker maintains its buy rating on the stock, with a target price of 44 euros.

The broker adds that this is another good publication that once again confirms its buy rating, reiterated in a study that was published in February. The broker insists that the Bouygues share price reflects an unjustified deterioration in the market's sentiment.

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