(News Bulletin 247) – Jefferies raises its recommendation on Faurecia directly from ‘underperformance’ to ‘buy’, with a price target raised by 50% to 24 euros, as part of a note devoted to automotive suppliers.
“The operating environment is finally becoming favorable to equipment manufacturers and the post-Covid cycle of declining revenues seems to be coming to an end”, judges the broker, who “would use any potential disappointment on price compensation to increase exposure”.
Regarding Faurecia, Jefferies highlights “operating leverage supporting deleveraging and a repaired balance sheet, once the disposals already announced are finalized, reducing the debt ratio to approximately twice at the end of 2023”.
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