(CercleFinance.com) – Oddo BHF maintains its ‘underperformance’ rating on Continental shares, with a price target reduced from 70 to 60 euros.
During the ‘focus’ presented yesterday, Continental said it was confident in its ability to bounce back from the 2nd quarter in order to achieve annual objectives.
Continental has also confirmed its annual objectives, which are still based on relatively consensual scenarios for automobile production (-1/+1%) and tire markets (slight increases).
It is therefore still targeting a turnover of 41-44 BnE (consensus at 42.2 BnE) and an adjusted MOP of 6.0-7.0% (consensus at 6.8%, ie 7.8% required in the middle of the range over the remaining 9 months), i.e. an EBIT adjusted to mid-range at 2.8 billion euros (consensus at 2.9 billion euros).
‘We are awaiting the progress promised in the coming quarters in order to become more constructive and still prefer a pure tire player like Michelin (Surperformance, OC 40 E)’, underlines the analyst.
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