Dufry: Oddo raises target price

(CercleFinance.com) - After the Swiss duty free retailer Dufry's annual results, Oddo notes an operating performance that is slightly below expectations, in particular due to greater than expected asset impairments, which significantly weighed on the group's net profit.


However, the broker says that it is impressed by the cost optimisation effort and finds the level of liquidity "reassuring". The gradual opening up of the network (around 55% at the end of February and 60% at the end of March) sheds light on the relative confidence regarding the timing of the recovery. This should occur from the second half of the current financial year, the broker expects.

In this context, Oddo maintains its neutral rating on the share, while increasing its corresponding target price to 66 Swiss francs, compared with 55 Swiss francs previously.


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