(News Bulletin 247) – Oddo BHF confirms its ‘neutral’ recommendation on SGS with a price target lowered from 100 to 90 Swiss francs, to ‘factor a little more the risks linked to inflation affecting the perception of the short-term margin term’.
Before the publication of its half-year reports, on July 24 before the stock market, the research department declares that it anticipates good organic momentum, but warns that currencies will weigh on the first half, and thus adjusts its 2023 EPS by -2.5%.
Oddo BHF also considers that the valuation of the Swiss inspection and certification services group remains high compared to its peers Bureau Veritas and Intertek ‘while it presents the most limited upside in the sector in the short term’ .
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