Invest Securities has reiterated its 'buy' rating on Alstom, with a target price raised from 30.7 to 32 euros, on the heels of an even better-than-expected Q3 2022-23 order intake and sales figures.

This strengthens our annual guidance of sales growth of at least +5%, with a 2022-23 EBITA/CA margin of 5.1%/5.3% and annual FCF of 100/300 million euros, after -45 million in the first half", the analyst believes.

All this is in line with consensus expectations, our virtually unchanged estimates and our guidance for 2022-23 and 2024-25. The rebound in EBITA margin towards 8% to 10% in 2024-25 with Bombardier as a lever remains the attractive point to play for", he continues.

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