ADP: Crédit Suisse upgrades stock
(CercleFinance.com) - Crédit Suisse has upgraded its rating on the ADP stock from underperform to neutral, although has cut its corresponding target price from 108 euros to 92 euros (current price about -2% at 128.
5 euros).
The broker believes that the share's risk/reward is now more balanced after the share price's fall.
Analysts say, "Our 2020E EBITDA forecast falls from E1,886m to E764m as a result of our traffic growth forecast falling from 2.2% to -40.9%."
"Paris' status as a global city and top tourist destination is likely to sustain, so risks of traffic shifting elsewhere seem less prevalent than at Frankfurt airport," Crédit Suisse adds.
"The key risk is that traffic trends fail to pick up as we expect".
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The information and analyses distributed by Cercle Finance are only intended as decision-making support for investors. Cercle Finance's responsibility may not be entailed, either directly or indirectly following the use of such information and analyses by readers. Any non-professional investor is recommended to consult a professional advisor before making any investment decision. This indicative information in no way constitutes any invitation to sell or buy securities.
5 euros).
The broker believes that the share's risk/reward is now more balanced after the share price's fall.
Analysts say, "Our 2020E EBITDA forecast falls from E1,886m to E764m as a result of our traffic growth forecast falling from 2.2% to -40.9%."
"Paris' status as a global city and top tourist destination is likely to sustain, so risks of traffic shifting elsewhere seem less prevalent than at Frankfurt airport," Crédit Suisse adds.
"The key risk is that traffic trends fail to pick up as we expect".
Copyright (c) 2020 CercleFinance.com. All rights reserved.
The information and analyses distributed by Cercle Finance are only intended as decision-making support for investors. Cercle Finance's responsibility may not be entailed, either directly or indirectly following the use of such information and analyses by readers. Any non-professional investor is recommended to consult a professional advisor before making any investment decision. This indicative information in no way constitutes any invitation to sell or buy securities.