(News Bulletin 247) – Stifel confirms its buy rating on SES-imagotag shares, with an unchanged price target of 190 euros.
The analyst recalls that the quotation of the world specialist in electronic labels was suspended yesterday after the publication of a report by Gotham City Research which attacked SES-imagotag on several points.
Stifel says he was not convinced by the arguments put forward, whether they relate to the activity, the business model or the Walmart contract.
Thus, ‘we believe that SES-imagotag’s strategy and business model remain fully relevant’. As for the Walmart contract, ‘even without the details, we have enough elements to consider it profitable’, adds Stifel.
The analyst only acknowledges not being able to comment on the suspicions of accounting irregularities raised by Gotham City Research.
‘We are not the auditors of the group. Therefore, in the absence of other information, we assume that the accounts certified by the auditors are accurate and our recommendation and our price target therefore remain unchanged.
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