PREOPEN CAC 40: 8,273 pts (+0.32%)

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Key Stock News of the Day

ArcelorMittal (MT): Announced a strategic agreement with EDF for low-carbon electricity supply – a strong step towards decarbonizing its European production.

Saint-Gobain (SGO): The group announces its withdrawal from the London Stock Exchange, aiming to simplify and refocus on its core markets.

Orange (ORA): Launched a massive $6bn bond issuance in five tranches – an operation aimed at refinancing debt under favorable conditions.

GTT (GTT): Won an order for 7 LNG carrier tanks – strengthened visibility in a rapidly expanding LNG market.

Pluxee (PLX): Q1 revenue up +9% organically, supported by international growth and a net retention rate of 100%.

LDC (LOUP): Strong growth of +17% in Q3, driven by the successful integration of its recent acquisitions.

Carmat (ALCAR): Abrupt closure – announces liquidation proceedings and delists. The adventure ends for the artificial heart pioneer.

Exail Technologies (EXA): Announces two new contracts for its DriX H-9 drone, including one with a leading navy – ramping up in autonomous maritime defense.

Cogra (ALCOG): Half-year revenue jumps +20.2%, signaling a return to historic levels in a stabilized pellet market.

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Earnings Calendar

• Pluxee (PLX)
• Cogra (ALCOG)
• Hoffmann Green Cement (ALHGR)

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Analyst Recommendations – Focus on French Stocks

Rating Changes

Upgrades

ArcelorMittal (MT) → Morgan Stanley upgrades to Overweight, target raised to €46.20 (vs €33.70).
Danone (BN) → Bernstein upgrades to Outperform, target raised to €92 (vs €83).
Rexel (RXL) → Bernstein maintains Outperform, target raised to €42.
Schneider Electric (SU) → Bernstein confirms Outperform, target raised to €285 (vs €275).
Trigano (TRI) → UBS maintains Buy, target readjusted to €195.
Bouygues (EN) → Morgan Stanley keeps Neutral, but raises target to €49 (vs €44).
Eiffage (FGR) → Morgan Stanley maintains Overweight, target raised to €172 (vs €168).

Neutral

Air Liquide (AI) → Citi maintains Buy, but adjusts target to €195 (vs €208).
Aéroports de Paris (ADP) → Morgan Stanley maintains Overweight, target slightly reduced to €147.
Getlink (GET) → Morgan Stanley retains Overweight, target slightly lowered to €18.20.
L’Oréal (OR) → Bernstein remains Neutral, target adjusted to €405 (vs €410).
Ipsen (IPN) → Barclays maintains Market Weight, target increased to €130 (vs €125).
Vinci (DG) → Morgan Stanley keeps Neutral, target adjusted to €139 (vs €138).
Worldline (WLN) → Barclays maintains Neutral, target slightly reduced to €1.60.

Downgrades

Biomérieux (BIM) → Barclays downgrades to Market Weight, target reduced to €110 (vs €132).

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