(News Bulletin 247) – Oddo maintains its neutral rating on the Thales share with a price target raised from 134 to 137 euros.
According to the analyst, the stock’s valuation is fair and reflects the risks to growth.
For Oddo, supply chain issues – which management sees persisting throughout the year – and recruitment issues (even if the company is somewhat optimistic about its ability to hire 12,000 people) as well as the macro environment will limit the growth potential in 2023.
The broker nevertheless expects organic growth of 6.9% in 2023, at the top of the guidance range (from 4% to 7%) driven by the recovery of avionics and space.
In this context, Oddo marginally raised its estimates (+0.6%/0.4%/0.4% respectively for EPS 2023/24/25) mainly to reflect the consequences of the better generation of FCF and the recovery in interest rates on financial products.
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