Bouygues: Oddo cuts target price
(CercleFinance.com) - Oddo has confirmed its "neutral" rating on Bouygues shares, shaving a euro off its target price, which it has reduced from 36 euros to 35 euros.
The broker said that while Q1 results were better than expected in construction (sales up 7% compared with 3% expected), Bouygues Construction and Services is underperforming Vinci and Eiffage.
In telecoms, revenues rose by 3% in Q1, which may seem disappointing in view of the annual guidance of 5%, Oddo commented.
Bouygues Telecom is nevertheless in line with its annual growth forecast of 5% for sales and 7% for EBITDA.
Oddo says that Bouygues' market momentum is good, although the group continues to underperform its peers, particularly in construction.
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The broker said that while Q1 results were better than expected in construction (sales up 7% compared with 3% expected), Bouygues Construction and Services is underperforming Vinci and Eiffage.
In telecoms, revenues rose by 3% in Q1, which may seem disappointing in view of the annual guidance of 5%, Oddo commented.
Bouygues Telecom is nevertheless in line with its annual growth forecast of 5% for sales and 7% for EBITDA.
Oddo says that Bouygues' market momentum is good, although the group continues to underperform its peers, particularly in construction.
Copyright (c) 2022 CercleFinance.com. All rights reserved.