(ABM FN) Jefferies on Friday increased the advice for Bpost from Hold to Buy and increased the target price from 6.00 to 10.00 euros. This emerged from a sector report from the investment bank.
According to analyst David Kerstens, the market underestimates Bpost’s recovery potential under the new management, driven by e-commerce.
Kerstens pointed to the “spectacular” volume growth with packages of 78 percent in the second quarter.
Based on those quarterly figures, the analyst decided to increase his estimates by 28 percent, putting him 10 percent above consensus.
Bpost is 36 percent cheaper than its peers, Kerstens argued, while the dividend is best covered.
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