Fnac Darty: Oddo BHF upgrades to 'buy' - adjusts target

(CercleFinance.com) - After a quarterly publication that is close to [its] expectations, this morning Oddo BHF says that it is resuming its coverage of the Fnac Darty share with a "buy" rating (vs.
"neutral" previously), albeit with a target price of 72.5 euros (vs. 93 euros), suggesting upside potential of 22% for the specialist in the distribution of cultural and electronic products.

Remember that yesterday evening, Fnac Darty reported a 2.2% decline in its Q3 2018 sales, to 1.751 billion euros (-2.3% like-for-like).
In detail, revenues fell in the regions "France and Switzerland" (-2.9%) and "Benelux" (-1.6%). However, they rose on the Iberian Peninsula (+2.6%).

This morning the analyst at Oddo BHF said that this performance is relatively satisfactory, insofar as the comparison basis was particularly unfavourable (Q3 2017 + 5.8% like-for-like after numerous launches - particularly in telephony), which expects a Q4 that should be better thanks to innovations.



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