Stifel confirms its 'hold' rating on Bureau Veritas shares, and raises its target price from €25 to €28, following the announcement of results judged to be 'solid'.

We liked the strength of the 'Marine & Offshore' and 'Certification' divisions, the improvement in sales of consumer products and the confident tone of management with regard to the outlook", stresses the broker.

Stifel points out that its new target reflects higher estimates for the company.

However, "although Bureau Veritas shares are our top pick in the ICT (information and communication technology) sector, we remain 'Hold' as we see little scope for valuation. Furthermore, this recommendation reflects our cautious view of the sector", explains the analyst in substance.


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