(CercleFinance.com) – Jefferies reaffirms its ‘hold’ recommendation on bpost with a price target raised from six to seven euros, in a joint note on the Belgian postal operator and its Dutch peer PostNL.
‘Benelux posts have provided mixed messages on the impact of inflation and weaker consumer spending’, notes the broker, which points to declines in operating profits in the first half of 21% at bpost and 78% at PostNL.
‘bpost now sees reduced downside risk on its targets, while PostNL has lowered its own by 16%’, continues Jefferies, specifying that the former has tempered the effects of inflation in the first half thanks to workforce reductions full time.
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