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.
Downgrades
Wendel (MF) → Oddo BHF downgrades to Neutral, target reduced from €110 to €100.
Have a great trading session, everyone!
Sylvain Mouilhaud – Stock coach.
