Econocom: Oddo lowers price target

(CercleFinance.com) - Oddo BHF reiterates its Underperform rating on Econocom with a lower target price of 2.
9 euros from the previous 3.4, despite performance deemed solid in the third quarter, which it says confirms there is no short-term slowdown to demand.

The analysts' firm remains cautious on the Belgian IT group's share, citing still limited visibility on its TMF and P&S business, and recent changes in management that serve to further blur a strategy that it already considered somewhat unclear.

After updating the outlook (7.8% increase in organic growth for 2022 compared to the previous 5.7%, albeit with an increased financing cost), its EPS expectations are 8% lower for 2022 and 2023.

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