(CercleFinance.com) – The analyst is updating its model following the publication of the 1st quarter of 2022 on April 26, which resulted in results well above expectations and an increase in objectives at constant exchange rates.
‘ Like its peers in DIV, the outperformance is based on a very positive effect of the surge of the Omicron wave until the end of January on Covid sales (+18% cc vs -7.5% att) while the rest of the activity is online’ indicates Invest Securities.
‘ Due to a 2x more penalizing foreign exchange effect, the increase in targets, which still seems timorous to us, has a limited impact in published terms. After updating, we are lowering our BNA 22-24e by -2% on average’ adds the analysis office.
Invest Securities adjusts its price target to 46E (from 48E) and reiterates its neutral opinion.
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