(CercleFinance.com) – Bank of America on Monday raised its recommendation on Veolia shares from ‘neutral’ to ‘buy’ with a price target raised from 29.5 to 34 euros, the equivalent of an upside potential of 15%.
In a research note, the broker expresses its optimism regarding the investors’ day on February 29, which it considers as a ‘catalyst’ likely to reduce the conglomerate discount displayed by the stock.
BofA says in fact that it expects the collective services group to unveil ‘ambitious’ objectives on occasion, namely organic growth of 5% accompanied by an average annual increase in its Ebitda of 7% by 2026 , which would generate a double-digit increase (+15.5%) in earnings per share (EPS).
Beyond the next investor day, the broker adds that it expects European PMI activity indices to experience a favorable ‘inflection point’ by the end of the first half.
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