(News Bulletin 247) – Oddo BHF maintains its ‘outperformance’ rating on Sodexo stock, with a price target raised from 113 to 118 euros.
Sodexo published Q3 23 sales on Friday before market in line with expectations, including slightly better-than-expected organic growth (10.5% vs. consensus at 9.8%).
In addition, ‘Sodexo was positive on the Q4 outlook and the start of 2024’, reports the analyst.
Nevertheless, the maintenance of the 2023 guidance may seem disappointing and slightly conservative given the increase in expectations at Pluxee (ex-BRS), Sodexo anticipating growth above 20% against 20% previously, estimates the analysis office.
‘We are adjusting our estimates marginally, to incorporate the publication of Q3 figures, recent currency effects and the adjusted guidance on Pluxee’, concludes the broker.
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