(News Bulletin 247) – Oddo BHF confirms its ‘underperformance’ opinion on Atos, but raises its price target from 12.7 to 13.1 euros, ahead of the publication of the IT services group for the second quarter , scheduled for July 28.
The design office slightly raises its forecast for organic growth to +2% for the past quarter and +1.1% for the year as a whole, but it lowers its forecast for FCF 2023 to -466 million euros (against -379 million).
‘Despite this resilience of the topline, the valuation seems too demanding to us, particularly with regard to the group’s FCF generation’, judges the analyst, who also points to fair value for Eviden alone, which he only evaluates at 13.4 euros per share.
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