Stifel Nicolaus analyst Augustin Cendre maintained a Hold rating on Bouygues (0HAN – Research Report) yesterday and set a price target of €37.00.
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Augustin Cendre has given his Hold rating due to a combination of factors influencing Bouygues’s performance. The company reported strong first-quarter results, surpassing consensus expectations at the COPA level, largely driven by the successful turnarounds in its Equans and Immobilier divisions. Despite these positive results, the net income was slightly below expectations, which was impacted by a French tax effect. This mixed financial performance suggests a cautious outlook.
Moreover, while there were improvements in certain divisions such as Colas and Construction, the overall structure of the group and the challenging environment in the Telecom sector are seen as constraints on the stock’s long-term growth potential. Although the guidance for most divisions remains unchanged, the slower growth forecast for Equans compared to the previous year tempers expectations. These factors collectively contribute to the Hold rating, indicating a balanced view of potential risks and opportunities for Bouygues’s stock.
In another report released on May 12, Kepler Capital also maintained a Hold rating on the stock with a €37.00 price target.
0HAN’s price has also changed moderately for the past six months – from EUR29.340 to EUR38.230, which is a 30.30% increase.