Eramet: Oddo BHF upgrades stock
(CercleFinance.com) - Oddo BHF has upgraded its rating on Eramet shares from "neutral" to "outperform", having increased its corresponding target price from 82 euros to 120 euros, believing that the stock should benefit from favourable earnings momentum in manganese and nickel as well as an upturn at AHP.
The broker said that Eramet should publish solid 2021 results on 23 February, driven by the Mines & Metals division alone thanks to a good operating performance in all entities except SLN.
The broker adds that 2022 should be even better and that the group's deleveraging will accelerate. The stock is trading at a 2022 EV/EBITDA multiple of 2.2x (compared to an average of 4.5x over 10 years).
The share is currently up over 2% at 96 euros.
Copyright (c) 2022 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.