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Bic: Oddo upgrades to buy.

(CercleFinance.com) - In a report released on Tuesday, Oddo has upgraded its "neutral" rating on the Bic share to "buy" and has upped its target price from 105 euros to 106 euros.

Although competitive conditions in the market remain complicated, the group is continuing with its policy of a generous cash return, thanks to its high free cash flow, the broker underlines, which expects strong growth in the group's sales in the last quarter.

Given the sharp fall in the share since the beginning of the year and a marked underperformance relative to the CAC 40 (-32%, against +10% for the star index), the Bic share is currently trading at a low valuation, Oddo adds. This factor largely explains why the broker has upgraded the share to buy.

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