(Tiper Stock Exchange) – Intesa Sanpaolo has lowered to 16.5 euros per share (from 18.5 euros) the target price on the title Biessea multinational listed on Euronext STAR Milan and active in the technology for processing wood, glass, stone, metal and composite materials, confirming the recommendation to “BuyThe revised judgment comes after the release of Q2 2023 results, with analysts highlighting how revenues were impacted by the slowdown in order acquisition starting from the second half of 2022.
“After H1 2023 results and backlog, we substantially confirm our FY23E estimates while aligning our FY24 revenue and EBITDA estimates with our FY23 assumptions, considering guidance for a 2024 backlog in line with 2023 – reads the research – This implies a cut our estimates on EBITDA and net income9.1% and 20.8% respectively”.