(News Bulletin 247) – Jefferies raises its recommendation on Valeo directly from ‘underperformance’ to ‘buy’, with a price target raised by 47% to 22 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 Valeo, Jefferies expects first-half results to be the inflection point, and that ‘outperformance and margins will accelerate from the second half, partly driven by new launches’.
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