Valeo: Invest Securities upgrades stock

(CercleFinance.com) - Invest Securities has upgraded its rating on the Valeo share from "neutral" to "buy," while raising its corresponding target price from 32.
8 euros to 35.9 euros, a stock that it has integrated into its "IS selection", pointing out very favourable indications for a clear rebound.

The broker points out that the automotive supplier has published Q1 2021 like-for-like sales growth of 8%, above expectations and at the top of recent sector publications.

Invest Securities has corrected its EPS estimates due to losses on Valeo-Siemens, although considers that the share price now seems to correctly reflect the risks relating to this joint venture.

The Valeo share is currently down about 1% in early trading on Thursday, while the CAC 40 is up about 0.5%.


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