Oddo BHF has reiterated its 'outperform' rating on Kalray, with a price target lowered from €32 to €28, following the announcement of annual sales of €25.8 million, well below its expectations (€30.2 million).

This publication is not likely to reassure investors, given a new 'miss' on guidance", the analyst acknowledges, lowering his estimates for sales in 2024 and 2025 to 39.7 and 58.4 million respectively.

Oddo BHF "remains aware that expectations will be demanding", but continues to believe in Kalray's potential and its ability to increase sales over the next few years, seeing in particular the new contract with JB&A "a growth driver".

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