Eurazeo: Goldman Sachs upgrades to buy

(CercleFinance.com) - On Monday Goldman Sachs upgraded Eurazeo shares to 'buy' (from 'neutral'), with a target price raised from E83 to E91.


In a sector note, the broker highlights the asset management specialist's prospects for returns to shareholders.

In Goldman's view, the company is well on the way to successfully completing its transition phase, which will see it switch from a proprietary investment model to that of an alternative asset manager for third-party accounts.

The analyst is also increasingly optimistic about the group's ability to monetize its portfolio - which now stands at some E8.5bn - as illustrated by the attractive conditions under which its latest disposals were carried out.

In its view, this factor could lead Eurazeo to further step up its share buy-backs, bearing in mind that the Group is already planning E2.3bn of capital redistribution over 2024-2027.


Its new target shows a potential upside of around 28%.

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