While maintaining its 'outperform' rating on Chargeurs, Oddo BHF has lowered its target price from 19 to 14 euros, following a half-yearly publication judged to be mixed, and given the rather limited visibility for the second half of the year.

The research firm has lowered its 2023 scenario for Chargeurs, now anticipating sales of 735 million euros, with a sharper decline in the Advanced Materials division (-10%), as well as operating income of 34 million euros, representing an OMC of 4.6% (-150 basis points).

The end of the year will remain complicated, but base effects will become more favorable again, and the rebound in activity should be confirmed over 2024", moderates Oddo BHF, which also sees the planned acquisition in the luxury goods sector as "potentially a real catalyst in the medium term".

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