100% French Stocks – Thursday, December 4, 2025

CAC 40 PREOPEN: 8,130 points (+0.63%)

Key Stocks of the Day

Airbus (AIR): Germany, France, and Spain are reviving the future combat aircraft project, in cooperation with Dassault Aviation, Thales, and Indra Sistemas.

Dassault Aviation (AM): Potential positive impact with the relaunch of the European defense program.

Thales (HO): Returns to the SCAF project, a long-term structuring project.

LVMH (MC): The Arnault family denies any misappropriation of Hermès shares amid unclear legal proceedings.

Unibail-Rodamco-Westfield (URW): Appoints Kathleen Verelsten as Chief Investment Officer.

AXA (CS): Completes a new employee shareholding operation.

Spie (SPIE): Restructures its management in Central Europe.

GTT (GTT): New order for the design of tanks for two LNG carriers.

Exosens (EXO): Extends its strategic partnership with Theon until 2030.

Eutelsat (ETL): Fitch upgrades the credit rating to BB (stable outlook) after a successful fundraising.

Pierre & Vacances (VAC): Advanced discussions about changes in shareholding.

Voltalia (VLTSA): Could develop data centers in Brazil with ByteDance and Brookfield (Bloomberg source).

Mauna Kea (MKEA): Strategic partnership in the USA with TaeWoong Medical on pancreatic care.

Corporate Results Expected Today

Oneo
Pierre & Vacances (VAC)

Analyst Recommendations (French companies only)

Upgrades

Schneider Electric (SU) → JP Morgan upgrades to Overweight, price target raised to €285 (vs €220)

Société Générale (GLE) → Goldman Sachs upgrades to Buy, price target raised to €72.75 (vs €62.50)

Alstom (ALO) → JP Morgan remains Overweight, price target raised to €33.40 (vs €28.80)

Rexel (RXL) → JP Morgan remains Overweight, price target raised to €41 (vs €39.50)

Legrand (LR) → Barclays remains Overweight, price target raised to €164 (vs €161)

LVMH (MC) → HSBC maintains Buy, price target raised to €775 (vs €725)

Viridien (VIRI) → Arctic Securities remains Buy, price target raised to €100 (vs €88)

Neutral

Dassault Systèmes (DSY) → JP Morgan remains Neutral, price target lowered to €26 (vs €30)

Nexans (NEX) → JP Morgan remains Neutral, price target raised to €131 (vs €129)

Elior (ELIOR) → AlphaValue/Baader remains Buy, price target lowered to €3.36 (vs €3.52)

Eurazeo (RF) → AlphaValue/Baader remains Buy, price target lowered to €73.60 (vs €91.20)

Hermès (RMS) → HSBC remains Hold, price target lowered to €2,250 (vs €2,350)

Kering (KER) → HSBC remains Hold, price target lowered to €340 (vs €370)

Rexel (RXL) → Barclays remains at Equal Weight, price target raised to €32 (vs €30)

Downgrades

Alstom (ALO) → Barclays remains Underweight, price target raised to €10 (vs €9)

Swatch Group (SWATCH) → HSBC remains at Reduce, price target raised to CHF 120 (vs CHF 110)

Have a great session, everyone!
Sylvain Mouilhaud – Stock Coach.