(CercleFinance.com) – The stock fell nearly 11% after the announcement of first quarter figures and forecasts.
Oddo confirms its ‘neutral’ advice on the JCDecaux share and lowers its target price from 22.5 to 21.5 euros.
JCDecaux published last night a quarterly turnover in line with Oddo’s expectations, with organic growth of 46% when Oddo was counting on 45% and the group on more than 40%.
‘The group, however, guides cautiously on Q2 and is aiming for organic growth of at least 15% while we are establishing on +30%’, notes the analyst who is therefore revising his expectations for annual organic growth to +15% against + 18% previously.
The caution in the 2nd quarter is mainly due to the situation in China and the multiplication of local confinements, underlines Oddo.