(Boursier.com) — Great climbed 1.7% to 80 euros, while Morgan Stanley lowered its price target from 94 to 90 euros, while remaining at ‘line weighting’ on the file. The industrial group unveiled a turnover growth of 17.8%, to 1.972 MdE (+11.2% in organic), while the adjusted operating margin stood at 20.3%. The group share of net income rose by 13.3% to 258 ME.
Taking into account the achievements of the first quarter and the current macroeconomic outlook, Legrand confirmed its 2022 objectives, namely sales growth excluding the exchange rate effect of between +5% and +11% with organic growth of between +3% and +7% and an adjusted operating margin of around 20%…
Among other brokers’ opinions, SG had revalued the file to 100 euros (‘purchase’), while Bernstein had adjusted the slider from 91 to 93 euros (‘market performance’) and Oddo BHF from 104 to 100 euros ( ‘outperform’). Citi noted for its part that Legrand had exceeded market expectations in terms of turnover and margins in the first quarter, which further consolidates its forecasts for organic growth in 2022. According to the bank, Legrand needs a organic growth of 0% to 1% over the remaining 9 months to reach the lower threshold of its guidance, and from 5% to 6% to reach the upper threshold…
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