(News Bulletin 247) – Oddo BHF maintains its outperformance rating on the Sika share, with a price target reduced from 320 to 300 Swiss francs.

While Sika will publish its results on August 4, Oddo BHF expects sales of 2.9 billion Swiss francs in the 2nd quarter (+5.3% in real terms and stable at constant scope and exchange rates).

‘In the first half, we expect sales of 5.2 billion Swiss francs and EBIT (incl. one-offs) down to 674 million Swiss francs (-20% in real terms)’, indicates the analyst.

The analyst believes that Sika should once again confirm its 2023 guidance.

However, ‘we have lowered our annual estimates to integrate a slightly less dynamic Q2 (volumes) and MBCC integration costs above 95 M Swiss francs’, warns Oddo BHF.

The broker also estimates that the Sika share will probably be under pressure in the coming days pending a still difficult H1.

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