Stifel reaffirms its 'buy' recommendation on Forvia, with a price target raised from 30.5 to 36 euros, in the wake of a 13% higher 2023-24 EPS sequence for the French automotive supplier.

'The first half of 2023 should show robust revenues, but margin improvement should be more modest', judges the broker, estimating that price recovery and cost appeasement should intensify in the second half.

We continue to see Forvia as one of the most exciting execution stories of 2023, combining improved operations (supply chain, cost reduction, price recovery) and balance sheet deleveraging", he continues.

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