100% French Stocks – November 3, 2025

PREOPEN CAC 40: 8,122 points (+0.09%)

Key stocks of the day

Orange (ORA): Buys the 50% of MasOrange held by the Lorca fund for €4.25bn, strengthening its strategic position in the Spanish market.
Renault (RNO): Sells 26% of its Brazilian subsidiary to Geely, continuing the group's international restructuring.
GTT (GTT): Raises its 2025 revenue forecasts, despite a slowdown in order intake.
Eurazeo (RF): Finalizes the sale of CPK (Carambar, Krema, Poulain) to Ferrero, ongoing strategic refocus.
Wallix (ALLIX): Confirms its annual targets after a strong Q3 (+21.7% in revenue).
Méthanor (ALMET): Net profit of €1.16m in H1 2025 vs. loss a year earlier; boosted by a non-recurring capital gain.
Emeis (ex-Orpea): Sells its senior residences in France for potential €200m, speeding up its strategic transformation.

Company results expected today

COFACE SA (COFA): Q3 2025 results expected after market close.
VICAT (VCT): Q3 2025 activity evolution after market close.
CAPITAL B: Q2 2025 results (estimation).
DELFINGEN (ALDEL): Q3 2025 activity evolution.
OMER-DECUGIS & CIE: Q4 2025 activity evolution.

Analyst recommendations (French companies only)

Recommendation changes

Upgrades

Orange (ORA) → Maintained Buy, target raised from €16.20 to €17 (New Street Research).
Société Générale (GLE) → Maintained Market Perform, target raised from €62 to €67 (RBC Capital).

Neutral

Amundi (AMUN) → Maintained Neutral, target lowered from €68 to €63 (JP Morgan).
Kering (KER) → Double maintained Neutral with targets revised to €240 (CICC) and €313 (Citi).
Spie (SPIE) → Maintained Market Weight, target adjusted to €48.50 (Morgan Stanley).
Technip Energies (TE) → Maintained Market Weight, target reduced from €36 to €35 (Morgan Stanley).

Downgrades

Sopra Steria (SOP) → Maintained Buy, target lowered from €246 to €200 (AlphaValue/Baader Europe).
Dassault Systèmes (DSY) → Maintained Buy, target lowered from €37 to €32 (Goldman Sachs).
Scor (SCR) → Maintained Buy, target reduced from €34 to €33.50 (Goldman Sachs).

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Have a great trading day everyone!
Sylvain Mouilhaud: stock coach.