Oddo BHF reaffirms its 'outperform' rating on Plastic Omnium, despite a price target slightly lowered from €15 to €14 'on the basis of lower sector multiples following the segment's underperformance in recent months'.

While we remain cautious overall on the segment, with a marked preference for other players (Stellantis, Ferrari and Michelin are our Top Picks), we still consider Plastic Omnium to be more attractive than most of its peers on a relative basis", says the analyst.

Among the main elements, Oddo BHF appreciates 'in particular the more marked outperformance profile (cf. record order intake at twice sales in 2023), but also the very strict management of costs and FCF, illustrated again yesterday (and in the outlook)'.

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