CAC 40 PREOPEN: 8,110 points (+0.41%)

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Today's key stocks

Sanofi (SAN): The pharmaceutical group expects EPS growth in 2026 to slightly outpace sales growth. Confirms strategy to ramp up operations.

STMicroelectronics (STM): Forecasts year-over-year revenue growth in Q1 2026. A reassuring outlook after a lackluster 2025.

Eurofins (ERF): Annual revenue at €6.76bn, in line with expectations. 2027 guidance confirmed.

Rémy Cointreau (RCO): Organic growth of +2.8% in Q3 of the fiscal year. An encouraging performance in a more volatile spirits market.

Kaufman & Broad (KOF): Proposed dividend of €2.20/share. The company is targeting an 8% operating margin in 2026.

Exail Technologies (EXA): Preliminary annual growth of 28%. Resilience confirmed in dual-use activities.

Voltalia (VLTSA): Maintains 2025 targets after publishing Q4 revenues. Strategic continuity.

Carrefour (CA): Internal tensions with Promocash franchisees according to La Lettre. Social climate to monitor.

Kering (KER): Restructuring at Alexander McQueen with potentially one-third of jobs cut in Italy.

LVMH (MC): Appointment of Peter Kern (Expedia CEO) to the board. A strategic signal for digital?

GTT (GTT): New Korean order (Hanwha Ocean) for LNG tank design.

JCDecaux (DEC): Renews its advertising contract in Luxembourg train stations.

Vallourec (VK): Announces a technology partnership with XGS Energy in the geothermal energy sector.

Chargeurs (CRI): Launches "Skira Education" and acquires a Swiss institute. Diversification into cultural education.

Biophytis (ALBPS): Secures US$20M in funding via Asian joint venture to launch a phase III trial in sarcopenia.

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Results Calendar

Expected releases today:

• Elis, Alten, Groupe Crit, Samse, 2CRSi
• Cegedim, Maurel, Aubay, Lanson, Maison Pommery
• Mersen, Synergie, Groupe LDLC, Netgem

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Analyst Recommendations

Recommendation changes – French companies only

Upgrades

Aperam (APAM) → JP Morgan moves from neutral to overweight, price target raised from €35 to €41.20.
Rexel (RXL) → Oddo BHF maintains neutral, but raises the target from €28 to €32.50.
Nanobiotix (NANO) → Jefferies remains at buy, target slightly increased to €21.50.

Neutral

Legrand (LR) → Oddo BHF remains neutral, target lowered from €138 to €133.

Downgrades

Danone (BN) → Morgan Stanley remains at overweight, but target cut from €87 to €75.
Acerinox (sector comparison) → JP Morgan moves to underweight, target cut to €10.50.

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