(News Bulletin 247) – Deutsche Bank downgraded its recommendation on Alstom on Friday, reduced from ‘buy’ to ‘hold’ following the announcement of the departure of the group’s financial director, Laurent Martinez.
Orange said last night that it had appointed Laurent Martinez as executive director in charge of finance, performance and development, a position he will occupy from September.
According to Deutsche Bank, this departure is likely to raise a number of concerns regarding both (1) the maintenance of current financial objectives and (2) a potential change in relations with Moody’s.
‘Bombardier Transportation’s integration process promises to be a complex path that is likely to last several years, which leads us to wait until Alstom’s management team is definitively in place before revisiting the file’ , concludes the analyst.
Its target price remains 30 euros.
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