Berenberg on Wednesday renewed its buy recommendation on SES-imagotag, with a price target of 215 euros, believing that the group's relatively disappointing growth in 'VAS' solutions (excluding electronic labels) was no cause for concern.

The German financial intermediary points out that the French group's second-quarter results, published last week, showed order intake of 297 million euros, above its forecast of 288 million euros.

Its book-to-bill ratio consequently remains at a solid level of 1.3x, it points out, in line with its estimates.

Berenberg considers the group's order book to be equally robust, which now stands at around 742 million euros.

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