(CercleFinance.com) – Oddo BHF maintains its ‘neutral’ rating on Bouygues shares, with a price target raised from 34 to 37 euros.
The broker indicates that Bouygues shares ‘responded well’ to the publication of results, marked by a clear improvement in the WCR of contracting activities.
However, Oddo BHF also sees no urgency in buying the stock aggressively, estimating that ‘the 2024 growth prospects, particularly in Telecom, could weigh on the stock’s performance in the short term, especially after yesterday’s short squeeze. ‘.
In this context, the analysis office indicates that it has adjusted its estimates to integrate the publication of 2023 results and the group’s guidance.
‘We now expect a ROCA of 2,498 ME (vs 2,646 ME previously) and a ROP of 2,395 ME (vs 2,550 ME for Visible Alpha)’.
‘The revision is mainly explained by less dynamic activity at Equans and a lower contribution from Telecom. The consensus could gradually adjust to these levels, in our opinion,’ the broker concludes.
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