Oddo BHF maintains its 'outperform' rating on Arkema shares, with an unchanged target price of 110 euros.

As a reminder, Arkema's quarterly results revealed a 5% drop in EBITDA, to 350 ME, a level 3% above expectations (ODDO BHF / consensus = 340/341 ME) but 6% above the 331 ME guidance.

Management has left its full-year guidance unchanged, targeting EBITDA of between €1.5 and €1.7 billion. In addition, Q2 is expected to be slightly up on Q2 2023 (>417 ME).

Oddo BHF believes that this publication brings 'no major surprises'. According to the analyst, the situation is "well under control", despite a demand context that remains "difficult and uncertain".

The broker is confident in the Group's ability to stand out during the next cycle of demand recovery (i.e., potentially as early as the second half of the year).


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