Oddo BHF maintains its 'neutral' rating on Rubis shares, with a target price reduced from 27 to 25 euros, as the company last night published half-year net earnings of 171 ME, up 1% but slightly below expectations (ODDO/consensus = 175/180 ME).

Rubis was impacted by significant foreign exchange losses (-55 ME net). Oddo BHF nonetheless points out that, at operating level, "performance was satisfactory overall", with ROC up 32% to 323 ME.

While Rubis confirms its objective of net income growth by 2023, Oddo BHF is more cautious, believing that the heavy currency losses justify greater prudence.

The analyst is therefore lowering its net income forecast for 2023 by 7%, to 325 ME, but specifies that this estimate has 'no impact on its forecasts for subsequent years'.


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