THE TREND
(Boursier.com) — The CAC40 started the session well, rising to around 7,480 points (+0.7%) before sharply reducing its gains at the end of the morning. The main index of the Paris stock exchange only gained 0.1% around 7,430 points around midday.
The imminent publication of monthly inflation figures in the United States continues to constrain investors who, for several sessions, have been reassessing the timetable for rate cuts by the major central banks. Depending on its content, the figure, expected at 2:30 p.m., could revive or remove doubts about this timetable and the extent of a potential shift in the monetary policy of the American central bank. This consumer price index for December 2023 will be revealed at 2:30 p.m. The FactSet consensus is 0.2% increase compared to the previous month and 3.2% year-on-year (+0.2% month-on-month or +3.8% year-on-year, excluding food and energy).
Yesterday, the American rating ended up quite significantly with the Nasdaq, driven once again by the star of the moment Nvidia, but also by Microsoft and Amazon. Tomorrow Friday, banks and financial institutions will kick off the 4th quarter results season in the United States. UnitedHealth, JP Morgan Chase, Bank of America, Wells Fargo, BlackRock, Citigroup and Bank of New York Mellon will reveal their accounts before the market.
RISING VALUES
* At the top of the CAC40, Teleperformance jumped 6.8% to 136.7 euros. The call center specialist benefits from a rating from BNP Paribas Exane which has resumed monitoring of the value to ‘outperform’ by targeting 205 euros. The analyst says that the stock is now bathed in too much pessimism. He notes that the company has “proven time and time again” that it can reinvent itself and find new avenues for growth… The integration of Majorel and the next investor day could provide new impetus. Of the 20 analysts following the file listed by ‘Bloomberg’, 12 are now ‘positive’, 7 are ‘hold’ and 1 is ‘negative’. The average twelve-month objective is set at 180 euros.
* Slight increase inHermes at 1,854 euros. Goldman Sachs upgraded its recommendation on the saddler to ‘neutral’ while raising its target from 1,514 to 2,060 euros.
* Remy Cointreau increases 1.5% to 96.7 euros. TP ICAP Midcap lowered the slider from 167 to 154 euros (‘buy’) and Stifel adjusted its target from 115 to 110 euros (‘hold’).
FALLING VALUES
* Strongest drop in the CAC40, Societe Generale lost 3.5% to 23.6 euros. Kepler Cheuvreux (‘purchase’) revalued the file from 32.4 to 40.6 euros but reduced its results estimates for 2023 by 10%, while leaving its forecasts unchanged for 2024 and 2025. The Banque de la Défense will reveal its annual results on February 8. The financial institution is also penalized by the warning from its subsidiary Ayvens, the former ALD Leaseplan. The group specializing in long-term vehicle financing lost another 3.6% this Thursday after having already stumbled by 3.4% on Wednesday in the wake of the lowering of its 2023 guidance.
* LVMH And Kering give up around 0.5%. Goldman Sachs raised its target on LVMH from 950 to 980 euros (‘buy’) and reduced the cursor on Kering (‘neutral’) from 470 to 426 euros. For the Bank of America teams, however, it is still too early to buy into the decline in luxury stocks, which have fallen 16% compared to their 2023 peak.
* Ekinops lost 7% to 4.82 euros the day after the announcement of a quarterly turnover of 30.3 ME, down -4%. At the end of the year, Ekinops continued to suffer from a degraded market environment, marked by the economic slowdown and a drop in demand, penalizing sales of Access equipment. Over the entire 2023 financial year, consolidated turnover stood at €129.1 million, up +1% (+2% at constant exchange rates). Ekinops confirms its 2023 objective of an EBITDA margin of between 13% and 17%.