(News Bulletin 247) – Berenberg – which displays a buy recommendation on Forvia – raised its target price on Monday from 25 to 28 euros on the title, for which analysts say they still perceive upside potential.
In a research note released in the morning, the broker said he expected good surprises on the occasion of the publication of the group’s first half results, scheduled for July 27.
The professional anticipates a possible upward revision of the turnover and cash flow objectives for 2023, thanks in particular to the good price performance and better than expected business volumes in China.
‘Despite the stock’s strong year-to-date performance, we continue to believe there is still upside potential due to a combination of attractive long-term fundamentals and a margin and cash relatively defensive in the shorter term’, summarizes Berenberg.
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