Goldman Sachs Upgrades Veolia Environnement (VE) to Buy

July 10, 2013 9:09 AM EDT Send to a Friend
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Price: $16.67 -1.13%

Rating Summary:
    5 Buy, 5 Hold, 5 Sell

Rating Trend: Up Up

Today's Overall Ratings:
    Up: 24 | Down: 28 | New: 14
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Goldman Sachs upgraded Veolia Environnement (NYSE: VE) from Neutral to Buy. The upgrade follows recent underperformance.

Analyst Dario Carradori said, "Veolia has significant restructuring potential and its earnings are very geared to the delivery of its €750 mn cost cutting target (by 2015; equivalent to 40% of its 2013E EBITDA and vs. 2013E net income of €195 mn). We forecast a 48% 2013-15 EPS CAGR assuming the company achieves only 50% of its cost cutting target and see significant valuation upside on this basis. Based on our scenario analysis, we see an attractive risk/reward profile from the ongoing restructuring programme."

For an analyst ratings summary and ratings history on Veolia Environnement click here. For more ratings news on Veolia Environnement click here.

Shares of Veolia Environnement closed at $11.64 yesterday.


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