PREOPEN CAC 40: 8,404 points (+1.10%)

Opening is expected to be sharply higher for the CAC 40, driven by a dense flow of publications and several target upgrades on heavyweights. Constructive mood ahead of the first trades.

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Key stocks of the day

TotalEnergies (TTE)

Flood of target upgrades: Citi (€71), UBS (€69), Goldman Sachs (€60), JP Morgan (€58). Consensus strengthens despite still mixed views (neutral at GS and JPM).
Bullish support expected at the open.

Rexel (RXL)

2025 net result up a spectacular +73.4%. Goldman Sachs raises target price to €40.
Robust fundamental momentum, stock to watch closely.

EssilorLuxottica (EL)

Sustained growth outlook over 5 years. Despite a target reduction (JPM to €335), the recommendation remains overweight.
Long-term story intact.

Legrand (LR)

2025 sales up +9.6% (organic +7.7%). Dynamic perimeter effect.
Industrial value remains well supported.

URW (URW)

Operational rebound confirmed:

• Retailers' revenue +3.9%
• Vacancy down to 4.6%
• EBITDA +3.6%
• Asset revaluation +1.7%
  Positive signal for commercial real estate.

Ipsen (IPN)

2025 sales growth of +10.9% (CER), driven by Rare Diseases (+102.5%).
Strong product pipeline and dynamic.

Sanofi (SAN)

Belén Garijo appointed CEO, replacing Paul Hudson.
Strategic transition to monitor.

Carrefour (CA)

Ongoing tensions with franchisees. Financial proposal rejected according to La Lettre.
Risk of legal uncertainty.

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Earnings calendar

Major publications

• TF1
• Ubisoft
• TotalEnergies EP Gabon

Mid & Small caps

• Lectra
• Neurones
• Claranova
• Okwind
• Selectirente

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Analyst recommendations (France only)

Recommendation changes

Upgrades

TotalEnergies (TTE) → Multiple target upgrades (Citi €71, UBS €69).
Rexel (RXL) → Goldman Sachs raises target to €40.

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Neutral

EssilorLuxottica (EL) → JPM maintains overweight, target adjusted to €335.
Soitec (SOI) → Targets raised (Barclays €30, HSBC €31), recommendation unchanged.

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Downgrades

Pluxee (PLX) → Goldman Sachs maintains Sell, target lowered to €11.
Dassault Systèmes (DSY) → Broad target reductions (down to €16 at Jefferies).
Edenred (EDEN) → Target cut to €23.50 at Goldman Sachs.

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Today's trend

Bullish bias at the open
Strong publications in industry and healthcare
Energy and electrical equipment makers on positive trend

However, pay attention to stocks under analyst pressure (DSY, Pluxee).

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Have a great session, everyone!
Sylvain Mouilhaud: Equity Coach.

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