On Tuesday, Jefferies raised its price target for Safran from 112 to 118 euros, while maintaining its 'hold' recommendation on the stock due to a valuation deemed unconvincing and a lack of short-term catalysts.

In a study devoted to the aerospace sector, the American broker points out that the French group has been the most affected by the recent weakness in activity in China.

He points out that the equipment manufacturer's stock has systematically underperformed its peers whenever new travel restriction measures were announced in the country.

A phenomenon he attributes to the strong presence of Leap engines in China and the grounding of 737 MAX aircraft.

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