Valeo: Invest Securities drops buy rating
(CercleFinance.com) - After the share has risen by 60% rise over three months, Invest Securities has downgraded its rating on Valeo from "buy" to "neutral," while raising its target price to 26 euros (vs.
from 23.7 euros previously), which gives the share limited upside potential of 7%.
While H1 sales of 7,058 million euros (-28%) were in line with estimates, the results suffered, the analyst points out, citing EBITDA of just 202 million euros (-83%).
The lack of visibility forces the group to display a very cautious guidance, below our estimates for a rebound, Invest Securities continues, which therefore reduces its EPS estimates, having adopted a more cautious scenario for a recovery.
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.
from 23.7 euros previously), which gives the share limited upside potential of 7%.
While H1 sales of 7,058 million euros (-28%) were in line with estimates, the results suffered, the analyst points out, citing EBITDA of just 202 million euros (-83%).
The lack of visibility forces the group to display a very cautious guidance, below our estimates for a rebound, Invest Securities continues, which therefore reduces its EPS estimates, having adopted a more cautious scenario for a recovery.
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.