(Finance) – Positive session for Emakwhich changes hands with a gain of 1.02% after Intermonte confirmed its opinion Outperform and reduced the Tartet Price to 1.60 from 1.85 euros following the cut in estimates for 2024.
Intermonte analysts recall that the company reported mixed results for the second quarter of the year: while emerging markets supported solid revenue growth, margins were pressured by cost increases, particularly labor, transportation and commercial costs.
In light of the first half results, Intermonte’s estimates for the second half of the year appear quite challenging, especially in terms of profitability. Forecasts for 2024 have been slightly reduced: revenue growth to +8.5% from +10% and operating margin to 11.5% from 12% in 2023
The technical picture of the Emak stock is clearly deteriorating with estimated supports in the 0.9753 Euro area. On the upside, however, a polarizing level for greater outgoing flows is seen at 1.01. The worsening of the Manufacturer of gardening and forestry machinery is highlighted by the downward crossing of the 5-day moving average with the 34-day moving average. In the very short term, there are concrete possibilities of new declines towards a target of 0.9607.