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Alstom: UBS confirms 'buy' rating

(CercleFinance.com) - UBS has confirmed its buy rating on the Alstom share this morning, after Bouygues' placement of nearly half of its stake.

The broker maintains its 12-month target price of 45 euros.

The note recalls that the reduction in Bouygues' exposure was long awaited by investors, and that the transaction does not question UBS' optimism on Alstom, which is "supported by strong rolling stock, signalling and services fundamentals".

In addition, there are the group's medium-term targets, with management targeting an operating margin of 9% by 2022/2023, with FY sales growth of around 5% by then.

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