Valeo: Invest Securities remains positive after revenues

(CercleFinance.com) - Albeit adjusting its target price from 31.
3 to 30.6 euros, Invest Securities confirms its 'buy' opinion for Valeo, considering it still justified thanks to low multiples, adding that the share is still its top pick of automotive suppliers for 2023.

The analyst notes that after a solid turnover for the first quarter of 2023, in line with expectations, and order intakes for the PTS division of four billion euros just for the first quarter, guidance remains unchanged although with a positive slant.

The analyst considers that the acceleration already suggested in the second quarter and the second half of the year seems probable and that EBITA could rise beyond guidance for 2023. However, it adds that this is still awaiting an increase in the profitability ambitions.

Copyright (c) 2023 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.