Oddo BHF confirms its 'outperform' opinion on Alstom, with an adjusted price target of €25 to €24, in the wake of an EPS cut mainly on higher restructuring charges and, to a lesser extent, financial expenses.

The Group should achieve a good end to 2023-24, in terms of orders, sales and FCF", the analyst believes, adding that "2024-25 should see a further improvement in margins and a very positive FCF".

In our opinion, the current price already includes a capital increase, and does not reflect the Group's potential in terms of business growth, margin improvement and FCF generation', he continues.

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