PREOPEN CAC 40: 8,132 pts (-0.27%)

A slight drop is expected at the open for the Paris index, following mixed earnings reports and a technical pullback after several bullish sessions. LVMH disappoints, but Ipsen and several biotech midcaps attract attention. A busy day for earnings publications.

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Key stocks of the day

LVMH (MC): The luxury giant reported declining results, impacted by post-Covid normalization and a slowdown in consumption in China. The stock lost -1.6% on its US line.

Ipsos (IPS): The market research group announced the acquisition of Seventh Decimal, a specialist in advertising effectiveness measurement. Strategic strengthening in data.

Argan (ARG): Signed a new logistics lease for 5,700 m² in Bain-de-Bretagne, strengthening the commercial momentum of its portfolio.

Biophytis (ALBPS): Strategic agreement in Asia for Phase 3 of its treatment against sarcopenia. Secured $20M funding to support the clinical launch.

Ekinops (EKI): The group will equip the THOR project (Colorado, USA) to provide resilient Middle Mile connectivity. Strengthening its presence in North America.

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Earnings calendar

Today's earnings releases on the French market:

• ** Voltalia (VLTSA)**
• ** Compagnie des Alpes (CDA)**
• ** Aramis (ARAMIS)**
• ** Synergie (SDG)**
• ** Manitou (MTU)**
• ** Groupe Partouche (PARP)**
• ** Groupe Crit (CEN)**
• ** Kaufman & Broad (KAU)**
• ** Semco**
• ** Infotel (INF)**
• ** Exel Industries (EXE)**

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Analyst recommendations (France only)

Changes in recommendations

Upgrades

Alstom (ALO) → JP Morgan maintains Overweight and raises the target from €33.40 to €34.30.
Engie (ENGI) → Jefferies remains at Buy, target increased to €27 (vs €25.70).
Inventiva (IVA) → Jefferies stays at Buy and now targets €7.50 instead of €3 previously.
Ipsen (IPN) → Deutsche Bank confirms Buy, with the target raised from €135 to €155.
Société Générale (GLE) → Oddo BHF maintains Outperform, target raised from €63 to €78.

Neutral

Airbus (AIR) → JP Morgan remains Overweight, but lowers the target to €240 (vs €255).
LVMH (MC) → Deutsche Bank maintains Buy, but lowers the target from €715 to €705.
Teleperformance (TEP) → UBS keeps its Neutral recommendation, target reduced to €55 (vs €92).
Worldline (WLN) → JP Morgan remains Neutral, target drastically reduced from €2.50 to €1.30.

Downgrades

Société Générale (GLE) → Keefe Bruyette & Woods lowers its recommendation from Outperform to Market Perform, despite raising the target to €77.

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Have a good session everyone!
Sylvain Mouilhaud: Equity Coach.