(News Bulletin 247) – Oddo BHF confirms its preference for Safran, with an ‘outperformance’ opinion and a price target of 151 euros, compared to its German peer MTU (‘neutral’ opinion and OC of 230 euros) ahead of publication for the second quarter.
“We estimate that the growth dynamic is more favorable at Safran, particularly at the after-sales level, with a non-negligible probability of an upward revision of the annual guidance (already recorded at MTU)”, explains the analyst.
Despite an underperformance since the start of the year of 4.5%, MTU still offers, according to Oddo BHF, a slight premium over Safran which it finds ‘unjustified compared to the growth gap BPA and FCF’ generation.
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