(CercleFinance.com) – After two sessions of rebound, the Forvia stock started to fall again on Tuesday morning and suffered one of the most notable declines of the SBF 120 on the Paris Stock Exchange, penalized by a note from Berenberg which reduced its target courses.
In its study, Berenberg indicates that it has decided to lower its target from 24 to 22 euros, while maintaining its purchase recommendation on the automotive supplier.
While he recognizes that the group’s margins were ‘a little tight’ in 2023, the analyst believes that the sanction which accompanied the publication of its annual results was ‘exaggerated’.
For the record, Forvia’s stock price fell by 20% during the two sessions following the presentation, which has led it to now show a decline of 19% since the start of the year.
The intermediary points out, however, that net cash flow – a good indicator of the group’s ability to deleverage – came out above expectations last year and judges the outlook for 2024 to be in line with market forecasts.
Around 10:50 a.m., Forvia lost 1.8%, followed not far behind by Valeo which lost 1.6% at the same time.
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