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Investing.com - Bernstein SocGen Group raised its price target on Safran SA (EPA:SAF) (OTC:SAFRF) to EUR308.00 from EUR289.00 while maintaining a Market Perform rating.
The firm expects Safran to deliver strong H1 2025 results, driven by services and spare parts that have benefited from improving supply chain conditions. Bernstein’s forecasts are "significantly above consensus" and the firm would not be surprised to see management upgrade its targets.
Bernstein maintained its target multiple of 16x discounted 2029 EBITDA, resulting in the new price target. The firm updated its assumptions primarily for Safran’s Propulsion business, leading to significantly upgraded forecasts.
The firm noted concerns about new engine deliveries, reporting that only 21 LEAP-powered A320 family planes were delivered in June, indicating the recovery "has yet to happen." However, Bernstein added that slow deliveries support profitable aftermarket sales.
Bernstein also suggested that General Electric (NYSE:GE)’s results this week could act as "a first positive catalyst" for Safran, potentially reiterating strength in the aftermarket and upgrading guidance.
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