(CercleFinance.com) – Bernstein downgraded his opinion on Safran shares on Thursday, from ‘outperformance’ to ‘performance in line with the market’, with a price target however raised from 174 to 180 euros.
In a research note, the analyst explains that after a combination of positive elements in 2023, having allowed the stock to climb by 36% compared to +13% for the STOXX 600 index, the 2024 financial year promises to be according to him much more uncertain.
‘We consider that the stock is currently correctly valued in view of the more difficult environment that is emerging for 2024, with probably fewer positive surprises in store, not to mention the unknown created by the investor day planned for the end of the year’, he emphasizes.
If the intermediary judges that at 13 times its Ebitda, a level at the top of its historical range, the stock is not richly valued in itself, he considers it unattractive given the probable absence of good news This year.
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