Chargeurs: stock down - Oddo BHF cuts TP

(CercleFinance.com) - Oddo BHF maintains its "outperform" rating on Chargeurs shares, although has reduced its target price from E23 to E19 (cp: E13, -10%), after a quarterly trading update led it to reduce its EPS guidance by 18% on average for the group.


Following this publication, the broker reduced its estimates for 2023 - it now expects sales of E769m, up 3% (+2% on a comparable basis), with operating profit of E44.4m, i.e. an operating margin of 5.8%.

This Q1 is logically disappointing in the near term, although the share's momentum should improve in H2, with the announcement of a major acquisition in the luxury goods sector also potentially being a good catalyst for the share, the analyst said.


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