(CercleFinance.com) – Berenberg maintained its ‘hold’ recommendation on Eutelsat on Friday, while raising its price target for the share from 11 to 11.6 euros.
In a study published in the morning, the financial intermediary points out that the satellite operator, which underperformed its rival SES on the stock market this year, remains a ‘cheap’ file, a cash generator and a potential player in a consolidation of the sector.
Despite this, the analyst expects that the quarterly results and the outlook for 2022/23 which will be unveiled at the beginning of August will not succeed in convincing the market knowing that the new managing director, Eva
Berneke, indicated that it was unlikely that the group would return to growth in the current financial year.
Berenberg also evokes the ethical debate, even the possible operational consequences, linked to the group’s exposure to Russia.
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