Stifel maintains its 'Hold' rating on Bouygues shares, with an unchanged target price of 32 euros.

The analyst updates his estimates for Q3 and FY 2023, but points out "only marginal changes" from his previous estimates.

Thus, for Q3, Stifel anticipates Group sales growth of +32.2% (+0% LFL) to €14.8 billion, mainly thanks to the consolidation of Equans, but impacted by the unfavorable real estate and TV advertising environments.

Stifel also estimates that the buyout of Colas' minority stakes should cost the Group some 180 million euros by Q4, while the sale of district heating and cooling systems in the UK should bring in around 260 million pounds (~302 million euros) before the end of the year.

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