(News Bulletin 247) – Stifel raises its recommendation on Valeo from ‘hold’ to ‘buy’ with a price target raised from 21 to 26.5 euros, in the wake of a sequence of EPS 2023-24 raised by 13% on average for the French automotive supplier.
With the approach of the half-yearly publication, the broker recalls that management has already indicated that it expects an operating margin of 3.2%. Above all, he thinks his ‘outperformance could intensify during the year (and probably beyond)’.
“The stock has lagged SXAP year-to-date, margins may have bottomed in 2022 and FCF generation should improve: nothing is holding us back from being more constructive,” Stifel adds. .
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