Oddo BHF maintains its Outperform rating on Coface shares, with an unchanged target price of 14.5 euros.

Last night, Coface reported Q2 revenues of €485 million (+8.7% on a reported basis), slightly ahead of expectations (€481 million).

"Following the publication of its good NI, we are raising our 2023 NI forecast by around 5% to 237 ME, given the good momentum in terms of underwriting results, and we are raising our 2024 NI forecast by 3% to 217 ME assuming a gradual further normalization of claims experience", says the analyst.

Oddo BHF believes that the stock continues to benefit from good technical profitability and offers a high yield.


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