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Valeo: a buyer, UBS maintains target price.

(CercleFinance.com) - UBS is maintaining its buy rating on the stock of the French automotive supplier Valeo, which this morning has suffered from a disappointing quarterly business review.

Analysts point to the virtual doubling of orders at eAutomotive, the joint venture between Valeo and Siemens. The broker maintains its 12-month target price of 82 euros.

Indeed, the group published Q3 sales of 4.3 billion euros, which are about 1% below the consensus, UBS estimates. The fact remains that in organic terms, growth reaches 6%, up slightly from Q2 (5%). China (+16%, again on a like-for-like basis) and the Thermal and CDA divisions (comfort and driving assistance) also stood out, with growth rates of 7%.

Valeo is therefore outperforming global production by 4pts (by region: China: +16pts above market growth, Europe: +1pt, North America: +9pts).

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