Oddo BHF reaffirms its 'outperform' rating on OPmobility (ex-Plastic Omnium), while lowering its target price from €14 to €12, in a note on European equipment manufacturers ahead of a results season expected to be 'still under pressure'.

The upcoming publication season is unlikely to significantly improve sentiment around equipment manufacturers, and we are therefore maintaining our cautious stance on the segment, despite the clear underperformance since the start of the year", says the analyst.

While he acknowledges that OPmobility is not immune to the deteriorating environment, he feels that it is 'still, in relative terms, better positioned, given its more balanced earnings profile, better cost/cash track record and lower financial leverage'.

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