Thermador Groupe dropped more than 5%, after the plumbing wholesaler published sales down 16.1% to 271.5 million euros for the first half of 2024, a level below expectations according to Oddo BHF.

After the sharp drop at the start of the year (-17.2% in organic terms), sales finally followed the same trend in the second quarter, with a 15% decline", notes the analyst, who points to a volume effect of -13.6% and a price effect of -2.5% for the half-year.

Oddo BHF sees 'a market environment that remains unpromising in the short term', and has therefore lowered its forecasts for 2024 and its price target from €90 to €88, while maintaining its 'neutral' opinion on the share.

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