100% French Stocks – February 11, 2026

PREOPEN CAC 40: 8,312 points (-0.3%)

Key stocks of the day

TotalEnergies (TTEF): Strong report with Q4 net profit of $3.8bn, supported by refining/marketing performance. At the same time, the company has reportedly finalized the 100% acquisition of the Zeeland refinery, formerly co-owned with Lukoil.

Dassault Systèmes (DSY): 2026 targets unveiled with expected revenue growth between +3% to +5% and an operating margin from 32.2% to 32.6%. Outlook remains cautious, worth monitoring.

Stellantis (STLAM): Considering exiting its JV with Samsung SDI in battery production. A strategic move that could reshape its electric roadmap.

Gecina (GFC): Announced a target for modest growth in its recurring net profit per share of +0.2% to +1.0% by 2026, in a real estate market still under pressure.

Sanofi (SAN): Finalized the acquisition of Dynavax, marking progress in vaccines and innovative treatments.

Eramet (ERA): Downgraded by Fitch from BB- to B due to increased financial pressure.

Eutelsat (ETL): Secured €1bn in financing guaranteed by Bpifrance to support its OneWeb constellation. Strategic backing for its space expansion.

Kalray (ALKAL): Ended its financing line with IRIS after raising €6m. The company declined to use the full amount available.

Earnings Calendar

Reports expected today:

Hexaom
Haulotte
Neurones
Lectra
Linedata
Claranova
Okwind
Lacroix

Analyst Recommendations

Recommendation changes – French companies

Upgrades

ArcelorMittal (MT) → Jefferies upgrades to Buy, price target raised from €44 to €62.
Bouygues (EN) → BNP Exane initiates at Outperform.

Neutral

Crédit Agricole (ACA) → RBC Capital stays at Market Perform, target lifted from €19 to €20.
Soitec (SOI) → Jefferies stays at Hold, target increased from €26 to €30.
Kering (KER) → Deutsche Bank stays at Hold, target lowered to €295.
Gecina (GFC) → AlphaValue stays at Add, target slightly cut to €94.60.