Oddo BHF confirms its 'neutral' rating on Valeo shares, with a price target reduced from 15 to 12 euros.

With Valeo due to publish its annual results on February 29, Oddo BHF believes that the equipment supplier should be able to achieve its 2023 financial targets 'without major difficulty'.

However, the analyst is adjusting his estimates downwards, by an average of -8% for 2023/24 EPS, pointing to currency headwinds and a more cautious volume scenario.

Oddo BHF is also more reserved about 2024 (-3% for EBIT, -5% for EPS).

As a reminder, we are generally staying away from the OEM segment at the start of the year, and still consider the momentum unfavorable to a real improvement in sentiment over the coming months', concludes the broker.


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