Carmat: Invest Securities slightly lowers its target

(CercleFinance.com) - Invest Securities maintains its Buy rating on Carmat shares, with a slightly lowered price target, from 3.
3 to 3 euros, citing 'a very poorly valued stock due to low financial visibility'.

The analyst updates his model after the private capital increase of 9.7 ME.

This extends visibility to mid-May 2025, enabling us to move towards major milestones in 2025. The operation gives management greater leeway to negotiate more substantial financing", the broker emphasizes.

Invest points out that the capital increase will finance Aeson's continued penetration (sales x2).

From a clinical point of view, the main catalyst could be the results of the EFICAS study expected in Q4 25, provided recruitment is completed in H1 25", adds the broker.

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