(CercleFinance.com) – UBS believes that the results of the first half confirm the resilience of the company.
The analysis office confirms its advice to buy the stock and raises its target price to 146 CHF (against 135 CHF).
Q2 revenue at €5,022m is +5% higher than forecast of €4,796m (+2% vs. UBSe index of €4,904m). H1 EBIT of €2,723m was 14% higher than forecast of €2,390m (+9% vs. UBS index of €2,490m)’ says UBS.
‘The results of the first half should bring back a more positive sentiment on the title. We are increasing our estimates – CFR remains one of our top picks in the industry,’ the analysts added.
Recall that the group announced a 40% increase in its net profit from continuing operations to 2.1 billion euros. Operating profit increased by 26% to 2.7 billion, i.e. an improved margin of 30 basis points to 28.1%, for turnover up by 24% to 9.7 billion (+16% at constant exchange rates).
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