March 30 (Reuters) – Sodexo climbs on the stock market on Monday thanks to an increase in recommendation by Jefferies, which moves to “buy” on the stock, the American broker “considering” that the arrival of an “external” CEO head of the collective catering group “creates “the conditions for a recovery.
In Paris, the stock gained 3.94% to 44.28 euros around 08:23 GMT.
Appointed last October, Thierry Delaporte took up his position as general manager of Sodexo in November, while the role of chairman of the board of directors was separated at the same time.
“The first steps taken by Thierry Delaporte and his statements suggest that he has a solid mandate to carry out changes and create the conditions for a recovery, while “the stock continues to trade at high multiples,” underline analysts at ​Jefferies in ​a note published Sunday.
The broker, who also raises its price target from 41 to 55 euros, anticipates “a gradual recovery, counting on organic growth exceeding 4%” by 2029.
“Investor sentiment is at an all-time low, and a much-anticipated return to earnings could serve as a breaking point. This ultimately offers an attractive risk/return ratio with the prospect of a recovery over several years,” add the analysts at Jefferies.
(Written by Coralie Lamarque, edited by Augustin Turpin)
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