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Seb: Bryan Garnier raises target price

(CercleFinance.com) - Bryan Garnier has reiterated its "buy" rating on the Groupe Seb stock, raising its corresponding fair value from 180 euros to 190 euros, saying that it is convinced that the small household appliance maker will exceed its plan for synergies for 2020 (40 million euros).

It highlights an "excellent track-record in the integration of acquisitions and WMF and SEB's differentiated and complementary businesses in terms of product category, geographical footprint and price positioning."

The broker expects synergies of 54 million euros in 2020, with cost synergies representing three-quarters of this forecast "since sales synergies are more complex to estimate at this stage."

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