On Thursday, Bernstein downgraded its opinion on Safran shares from 'Outperform' to 'Performing in line with the market', although its target price was raised from €174 to €180.

In a research note, the analyst explains that, after a combination of positive factors in 2023, which enabled the stock to climb by 36% compared with +13% for the STOXX 600 index, the outlook for 2024 is much more uncertain.

We consider the stock to be correctly valued today in view of the more difficult environment that is shaping up for 2024, with probably fewer pleasant surprises in store, not to mention the unknown factor of the investor day scheduled for the end of the year", he stresses.

While the intermediary considers that at 13 times its Ebitda, a level at the top end of its historical range, the stock is not richly valued in itself, it is not very attractive in view of the probable absence of good news this year.

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