100% French Stocks – Thursday, August 21, 2025

CAC 40 PREOPEN: 7,969 points (-0.08%)

Key Stocks of the Day

JCDecaux (DEC): The Amar family and JCDecaux bought back 1.7 million shares (0.9% of the capital) at €14.75 each. Strong signal of management’s confidence.
Eiffage (FGR): €950 million in orders recorded in Germany in H1 2025.
Nicox (COX): Positive results for NCX 470 in phase III against glaucoma. US market launch targeted for H1 2026.
OSE Immunotherapeutics (OSE): New Chief Financial Officer appointed: Thomas Gidoin, a strong profile with experience at GenSight, Advesya, and DBV Technologies.
Cabasse (ALCAB): Capital increase of €89K via debt conversion with Veom Group. Unit price: €0.0422.

Corporate Results Expected Today

Ramsay Générale de Santé (GDS): Q4 2025 results publication expected (estimate).

Analyst Recommendations (France only)

Upgraded

Société Générale (GLE) → Target raised by Keefe Bruyette & Woods: €65 (vs €62). Outperform rating maintained.
Safran (SAF) → Bernstein raises target from €320 to €370, rating maintained at Market Perform.

Neutral

ArcelorMittal (MT) → Zacks stays Neutral with adjusted target from €35 to €36.
ASM International (ASMI) → Barclays keeps Overweight, target lowered to €550 (vs €580).
Kion Group (KGX) → Oddo BHF stays Neutral, target raised from €46 to €61.

Downgraded

BNP Paribas (BNP) → Downgrade by KBW: lowered from Market Perform to Underperform, target €89.
Crédit Agricole (ACA) → KBW downgrades to Underperform, target reduced from €19.50 to €18.

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Have a great trading day!
Sylvain Mouilhaud: Equity coach.