Forvia: share price back on a downward trend, Berenberg cuts target
In its study, Berenberg indicates that it has decided to lower its target from 24 to 22 euros, while maintaining its buy recommendation on the automotive equipment supplier.
While acknowledging that the group's margins were "a little tight" in 2023, the analyst believes that the sanction that accompanied the publication of its annual results was "exaggerated".
For the record, Forvia's share price fell by 20% in the two sessions following the presentation, and is now down 19% year-to-date.
However, the intermediary points out that net cash flow - a good indicator of the Group's ability to reduce debt - came in above expectations last year, and considers the outlook for 2024 to be in line with market forecasts.
At around 10:50 a.m., Forvia lost 1.8%, followed not far behind by Valeo, which dropped 1.6% at the same time.
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