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October 23, 2025 - Third Party

100% French Stocks – Thursday, October 23, 2025

100% French Stocks – Thursday, October 23, 2025

CAC 40 PREOPEN: 8,198 points (unchanged)

Key actions of the day

Michelin (ML): The group abandons its 2026 profitability target, despite sales growth.
Kering (KER): Revenues down, but better than expected. The stock rises +6% in after-hours on US OTC.
Klépierre (LI): Raises its 2025 targets, driven by strong leasing momentum.
Carrefour (CA): Solid results, 2025 objectives confirmed despite a decline in non-food sales.
Thales (HO): Sales up over 9 months, annual guidance confirmed.
Renault (RNO): 2025 targets confirmed.
Dassault Systèmes (DSY): Revises annual revenue forecast downward.
Verallia (VRLA): Targets lowered after a disappointing Q3, market impact.
Covivio (COV): Reconfirms 2025 targets after a revenue increase.
VusionGroup (VUIG): Strong revenue growth in Q3.
Exail (EXA): Expects EBITDA growth to exceed sales growth in 2025.
Airbus (AIR), Thales (HO), Leonardo: Strategic agreement to create a European satellite giant.
Eiffage (FGR): Increases stake to 25% in Getlink, no planned takeover bid.
Ipsos (IPS): Postpones the presentation of its "Horizons 2030" strategy to January 2026.
Ubisoft (UBI): Workforce reduction in Sweden and Finland.
STMicroelectronics (STM): Q3 sales down 2%, but above expectations. Expects $3.28 billion in sales in Q4.
Nexans (NEX): Sales up 5.8% over 9 months, 2025 outlook confirmed, acquisition of Electro Cables (Canada).
Orange (ORA): 2025 targets raised, Q3 sales beat expectations.
Sodexo (SW): 2025 sales up 1.2%, adjusted net income up 3.7%, proposed dividend of €2.70.
Biosynex (ALBIO): 9-month sales down 7%, impacted by weaker pharma sales and unfavorable currency exchange.

Companies reporting earnings today

  • Icade (ICAD)
  • Fnac Darty (FNAC)
  • Groupe Crit (CEN)
  • ID Logistics (IDL)
  • Synergie (SDG)
  • Immobilière Dassault (IMDA)
  • Bastide (BLC)
  • Solocal (LOCAL)
  • Alan Allman Associates (AAA)
  • Verimatrix (VMX)
  • Biosynex (ALBIO)

Analyst recommendations

Recommendation changes

Upgrades

Nokian Renkaat → Upgraded from Sell to Hold, target €7.70.

Aker Solutions → Upgraded from Sell to Hold, target lowered to NOK 28.

Neutral

Hermès (RMS) → Oddo BHF maintains Neutral, target lowered to €2264 (previously €2323).

Kering (KER) →

  • Deutsche Bank: Hold, target raised to €300 (previous: €290).

  • Jefferies: Hold, target raised to €310 (previous: €260).

  • TD Cowen: Hold, target raised to €345 (previous: €260).

Unicredit → Oddo BHF maintains Neutral, target raised to €63 (previous: €59).

Downgrades

Carrefour (CA) → BNP Paribas Exane remains at Underperform, target lowered to €10 (previously €11).

Michelin (ML) →

  • Barclays: Underweight, target lowered to €25 (previous: €26).

  • JP Morgan: Neutral, target lowered to €27 (previous: €30).

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Have a great session everyone!
Sylvain Mouilhaud: Equities coach.

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