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Investing.com - BNP Paribas (OTC:BNPQY) Exane downgraded Bollore SA (EPA:BOL) stock rating to Neutral from Outperform on Wednesday, setting a price target of EUR5.40.
The downgrade follows Bollore’s major portfolio restructuring over the past three years, which has positioned media companies as its largest assets following the Vivendi (OTC:VIVHY) break-up.
BNP Paribas Exane cited a lack of clarity regarding Bollore’s cash redeployment strategy as a key concern, while noting that simplification of the company’s holding structure does not appear imminent.
The research firm observed that Bollore currently trades at a 40% discount to its Net Asset Value (NAV), which is in line with other conglomerates in the sector.
BNP Paribas Exane indicated that the rating change reflects "limited catalysts for re-rating" for the French conglomerate in the near term.
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