ESI Group gains more than 1.5% in Paris, as Invest Securities this morning raised its opinion on the stock from 'sell' to 'neutral', while raising its target price from 60 to 72 euros.

The analyst notes that the publication of the 2022 results was 'reassuring', particularly the message on the 2023 and Q1 23 guidance.

Consequently, Invest Securities believes that the promised acceleration in growth should indeed materialize in 2023, even if it proves slower than initially expected (cf. one-year shift in MT targets last September) and will apply to a significantly reduced scope (sale of CFDs, cessation of activities in Russia...).

The broker indicates that its expectations are 'in line' with the targets updated in September. On the other hand, it points out that 'the current valuation is too far in advance of actual results'.

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