The analysis office considers the turnover for the 4th quarter to be ‘excellent’, showing an increase of 8.8%, 2488 ME. Over the year as a whole, sales amounted to 8,059 ME, 2% above Oddo’s estimates.
Moreover, the analyst points to an excellent performance in China in the 4th quarter, after a little ‘soft’ 2nd and 3rd quarters.
However, following the evolution of the comparables, the broker adjusted its price target downwards.
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