ADP: Crédit Suisse nudges up target price

(CercleFinance.com) - Crédit Suisse maintains a neutral rating on the ADP share, alongh has added a euro to its corresponding target price, which is now 99 euros (vs.
98 euros).

"We continue to view the risk/reward as relatively balanced, with potential upside coming from a smooth restart, but potential downside from negative newsflow surrounding the Air France-KLM restructuring".

"We cut our 2021E EBITDA forecast to E1,191m from E1,730m as a result of lower traffic forecasts and lower tariff expectations within the Aviation division," the broker adds.

"Paris will likely be able to deliver a strong enough rebound to recover to 2019 traffic levels in 2024E".


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