Wendel: share price rises, Berenberg praises strategy
Shortly before 11:30 a.m., the holding company's shares gained more than 0.9%, returning not far from nine-month highs, while the SBF 120 index fell by 0.4%.
In a note published in the morning, Berenberg said it had raised its price target on the stock from €109 to €122, while continuing to recommend it as a buy.
The research firm hailed the successful sale of a 9% stake in Bureau Veritas, which generated gross cash of around €1.1 billion.
This is particularly positive news for Wendel, which will enable it to reduce its risk profile, lower its discount to net book value and mobilize cash to invest in high-growth assets", it explains.
Berenberg thus reiterates its full confidence in the strategic direction taken by the group's management.
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