Oddo BHF has reaffirmed its 'outperform' rating on Chargeurs, but reduced its target price from 23 to 19 euros, following a quarterly business update which led it to revise downwards its EPS guidance of 18% on average for the group.

Following this publication, the research department has lowered its estimates for 2023, and now expects sales of €769 million, up 3% (+2% on a comparable basis), and operating income of €44.4 million, representing an operating margin of 5.8%.

This first quarter is logically disappointing in the short term, but momentum should return to positive territory from the second half onwards, and the announcement of a structuring acquisition in the luxury goods sector could also be a good catalyst for the share", the analyst moderates.

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