(News Bulletin 247) – Morgan Stanley resumed coverage of Euronext stock on Thursday with a ‘weight online’ recommendation and a target price of 93.5 euros.
In a study devoted to European stock market operators, the analyst acknowledges that the valuation of the title may seem attractive, but believes that its cyclical nature is likely to limit its potential for immediate revaluation.
Morgan Stanley indeed expects economic uncertainties to lead issuers to postpone their projects, an element likely to penalize the group, which is highly dependent on spot markets and IPOs.
As for the integration of Borsa Italiana, it seems to be progressing well, continues the analyst, who nevertheless considers that the synergies of the operation are already well integrated into the prices.
With regard to possible accretive acquisitions, the professional recognizes that they have the potential to support the value, but underlines that the recent financial news seems to have scalded the enthusiasm of investors vis-Ã -vis operations deemed too risky. .
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