(CercleFinance.com) – Oddo maintains its ‘underperformance’ rating for the Continental stock, with a price target lowered from 70 to 65 euros.
The analysis office reports that the quarterly results published yesterday by Continental (the group published Q3 sales of 10.4 MdE, up 29% as well as an adjusted EBIT of 605 ME) are ‘without great surprise but no excellent quality’.
The broker indeed estimates that negative exceptional elements (in particular depreciation of goodwill for 503 ME) weighed on the net result and should lead to downward revisions of EPS.
‘Continental still does not seem to us to be in the best position to take advantage of a possible improvement in the environment (low profitability/, track record execution, lack of catalysts) and while visibility in 2023 remains very (too) limited’, Judge Oddo.
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