(CercleFinance.com) – Schneider Electric shares gained more than 2% in Paris, as Berenberg raised its share price target from 127 to 145 euros on Friday, hailing quarterly results in the ‘right direction’.
The German broker – which maintains its recommendation to buy the stock – believes that the French electrical equipment specialist has unveiled ‘superb’ fourth-quarter performance.
Oddo shares the same view, stressing that Q4 organic growth (+0.8%) helped limit the full-year decline to 4.7%.
For the broker, these results are therefore ‘better than expected’ and the research firm logically maintains its opinion of ‘outperforming’ the stock, raising its price target from 145 to 147 euros.
Oddo also stated that Schneider Electric should continue its cost savings programme, confirming « the 1 billion euros in savings on support function costs and 1 billion euros in productivity gains over three years ».