(CercleFinance.com) – Oddo BHF maintains its ‘outperform’ rating on Bic shares with a price target reduced from 79 to 73 euros, after the management of the BIC Group announced that it was revising its turnover outlook downwards for its 2024 financial year.
While he initially expected an increase in turnover at constant exchange rates excluding Argentina of between 5% and 7%, this is now expected to be ‘low single digit’ growth.
‘This adjustment is explained by a greater drop than initially estimated in the Lighters market in the United States with a ‘mid to high single digit’ decline while the group expected at the start of the year a declining market ‘low to mid single digit’, analyzes the broker.
‘The consumption context in the United States is penalizing the group’s growth but the generation of FCF remains preserved and the publication of the half-year results at the end of July will be an opportunity for us to assess the cost saving measures identified’, concludes ‘analyst.
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