Atos: Oddo BHF raises target price

(CercleFinance.com) - Oddo BHF maintains its "underperform" rating on Atos shares, albeit raising its target price for them from E10.
6 to E12.7.

The analyst says that Atos held an analyst meeting yesterday dedicated to Tech Foundations (TFCo), aiming to update its targets for 2026.

Atos therefore reiterated "with confidence" its FY 2023 guidance at the group level (organic growth of between -1% and +1%; op margin of 4% to 5%.), as well as the specific soft guidance for TFCo (activity decline of c. -5% organic and positive operating margin).

Regarding sales, Atos now expects TFCo's sales to bottom out at E5bn in 2024 (compared with a previous low point of E4.1bn in 2024). This new guidance implies a decline of -5% for 2023 and 2024 (vs. -10% previously).


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