(CercleFinance.com) – Wendel shares rose on Tuesday on the Paris Stock Exchange, supported by favorable comments from Berenberg analysts who praised the ‘perfect’ execution of the strategy implemented by the investment company .
Shortly before 11:30 a.m., the holding company’s shares gained more than 0.9%, returning close to nine-month highs, while the SBF 120 index fell 0.4%.
In a note released in the morning, Berenberg indicated that it had raised its price target on the stock from 109 to 122 euros, while continuing to recommend it for purchase.
The research office welcomes the success of the sale of 9% of the capital of Bureau Veritas, an operation which made it possible to release approximately 1.1 billion euros gross in cash.
‘This is particularly positive news for Wendel which will enable it to reduce its risk profile, reduce the discount displayed in relation to its net book value and mobilize money to invest in assets high growth,’ he explains.
Berenberg thus says it renews its full confidence in the strategic direction taken by the group’s management.
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