MidCap remains Buy on Stef with a target price of 129 euros. According to the broker, Stef’s management was very cautious during the presentation of its half-year results on September 1st. Its turnover increased by 23% to 2.01 billion euros. Its net income, group share is also up (+45.8%) to 66 million euros. The current operating margin rate is stable at 4.2%. The group is used to being cautious and displaying good surprises, notes MidCap to justify its recommendation.