Safran falls as much as 2.3%, in 2nd day of declines, with vol. trading at 26% of 3-month daily avg.
- Among leading decliners in Stoxx 600
- Natixis cuts Safran to neutral, PT to EU66 from EU74; sees next few years as “rather lacklustre” compared to “remarkable” gains since 2009, and more risk-prone
- 2015 estimated P/E posts premium of 22% on historical P/E of 14.5x and 21% on 2015 EV/Ebit of 10.4x
- Sees future hurt by financial consequences of technical issues including future for LEAP 1B engine and its platform
- NOTE: Of 25 ratings, Safran has 16 buys and 9 holds; avg. PT EU70 implies ~7% upside: Bloomberg data
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