Carmat: Oddo BHF reduces its price target

(CercleFinance.com) - Oddo BHF maintains its 'neutral' rating on Carmat shares, with a price target reduced from 5.
3 to 3.1 euros.

Last night, Carmat published its 2024 sales, which fell short of Oddo BHF's expectations and of the guidance range revised in September by the company (between 8 and 12 ME). Sales came out at 7 ME vs. 12 ME expected, corresponding to the sale of 42 Aeson cores.

"Management has given an initial guidance for 2025, with sales expected to double vs. 2024, i.e. around 14 ME. This 'guidance' is well below our forecasts, as we were initially expecting sales of 24 ME for this year", says the broker.

"Despite the significant upside potential, the lack of visibility on the Group's cash position means that we remain cautious", concludes the research firm.

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