100% French Stocks – December 2, 2025

PREOPEN CAC 40: 8083 points (-0.2%)

Key Stocks of the Day

L'Oréal (OR): The group is seriously considering taking a stake in Giorgio Armani, according to the founder's will.

Carrefour (CA): Finalizes the sale of its activities in Italy.

Saint-Gobain (SGO): Accelerates its refocus with divestments in Europe and Brazil.

EssilorLuxottica (EL): Launches its first scientific advisory board.

Sopra Steria (SOP): Finalizes the acquisition of Neocase.

Vallourec (VK): Warrant holders authorize changes in the conversion terms.

Tikehau Capital (TKO): Plans a unified and strengthened real estate platform.

Mersen (MRN): Wins a $10M contract in the United States.

Cogelec (COGEC): David Descamps appointed as CEO.

Xilam Animation (XILAM): Launches the Toon Box streaming platform.

Aelis Farma (AELIS): Receives the green light for a phase IIB clinical trial in Down syndrome.

E-Pango: Still stuck in a legal and electrical quagmire.

Global Bioenergies (ALGBE): Liquidation proceedings initiated.

Carmat (ALCAR): Taken over via a sale plan – the initial company is liquidated.

Compagnie des Alpes (CDA): Record 2024/25 results – revenue +12.8%, net profit +15.8%, dividend raised to €1.10. Skiable backlog soaring (+€10.7bn).

Corporate Earnings Expected Today

Quadient (QDT)
Safe Orthopaedics (SAFOR)

Analyst Recommendations (French companies only)

**Changes in Recommendation**

Upgrades

Accor (AC) → JP Morgan stays at Overweight, target raised from €56 → €60

Eiffage (FGR) → Morgan Stanley stays at Overweight, target raised from €164 → €168

Société Générale (GLE) → JP Morgan stays at Overweight, target raised from €66 → €68

Kering (KER) → BNP Paribas stays at Neutral, target raised from €305 → €335

TotalEnergies (TTE) → Zacks stays at Neutral, target raised from $64 → $69

Neutral

BNP Paribas (BNP) → JP Morgan stays Neutral, target raised from €87 → €89

Pluxee (PLX) → JP Morgan stays Neutral, target lowered from €23 → €18

Sodexo (SW) → JP Morgan stays Neutral, target lowered from €58 → €53

Soitec (SOI) → BNP Paribas stays Neutral, target lowered from €36 → €27

OVH Groupe (OVH) → JP Morgan stays Overweight, target lowered from €10.50 → €10

Nexans (NEX) → AlphaValue stays at Accumulate, target lowered from €148 → €143

Downgrades

FDJ United (FDJ) → JP Morgan moves from Overweight to Underweight, target cut from €42 → €22.50

Michelin (ML) → Morgan Stanley moves from Overweight to Market Weight, target lowered from €31 → €30

Vinci (DG) → Morgan Stanley moves from Overweight to Market Weight, target lowered from €139 → €138

Have a great trading session everyone!
Sylvain Mouilhaud: Stock coach.