The target price of EUR 85, we set on 12 July, has been reached. The fundamental and technical configuration remains interesting : we are still buyers.

The stock of the Bertrandt group is under-valued with a P/E ratio 2013 estimated at 14.8x compared to 16.1x for the sector. Also, analysts have, lastly, revised upward their EPS estimates and their target price.

Technically, a powerful rebound has implemented on the EUR 76.8 support to begin a short term bullish trend. However, the last trading session, on 29 July, sent back the security on the EUR 84.3 pivot point, corresponding to the 20 and 50-day moving average. The latter may bring their support to the share, in order to reach the EUR 94 weekly resistance.

Thus, a long position can be opened, at the current price. The main bullish target is EUR 94. A stop loss should be set below the EUR 81.5 short term support.