Forvia shares were among the biggest risers in the SBF 120 index on the Paris Bourse on Friday, buoyed by a double recommendation upgrade by Barclays analysts.

At 2.15pm, the automotive supplier's shares were up 1.3%, significantly outperforming an SBF up by just 0.2%.

Barclays directly upgraded its rating on the stock from 'Underweight' to 'Overweight', and raised its target price from €20 to €24.

In a study devoted to the European automotive supplier sector, the analyst considers that it is time to take another look at the dossier, which he downgraded in July 2022.

While acknowledging that Forvia is far from isolated from the turbulence currently shaking the market (slowdown in the electrical sector, high interest rates, etc.), Barclays says it feels that "the worst is over" for the stock.

In his view, the stock is at a "turning point", particularly in terms of free cash flow.

And with the share price down 21% since the start of the second half, the valuation of the stock is now more attractive, he adds, with a P/E back below its long-term average.

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