Since 1996, Bryan, Garnier & Co has been growing with an absolute conviction that the investment banking landscape would experience a major revolution: most of the large local generalist banking groups will disappear to the benefit of a handful of global powerhouses, and an emerging group of independent, highly specialised boutique investment banks.

Gregory Ramirez

SAP: Sapphire Now 2021: on the right trajectory | BUY | EUR139 VS. EUR133 (+16%)

SAP - BUY | EUR139 VS. EUR133 (+16%) Sapphire Now 2021: on the right trajectory We reiterate our Buy rating and have raised our target price to EUR139 The case for moving to S/4HANA Cloud has seen increasing relevance There are more ammunition for growth acceleration after 2022 With the BTP, the promise to end the “nightmare” of SAP migrations

Xavier Regnard

MCPHY ENERGY: Profit warning, not really a surprise to us but consensus will adjust downwards | CORPORATE | EUR31 VS. EUR37 (+14%)

MCPHY ENERGY - CORPORATE | EUR31 VS. EUR37 (+14%) Profit warning, not really a surprise to us but consensus will adjust downwards H1 2021 revenue growth could be negative Not really a surprise to us but consensus was lagging and will now adjust downwards We further decrease our estimates… …and our TP, from EUR37 to EUR31 Negative read-across for the sector ?

Bruno de La Rochebrochard

EDENRED: Fading uncertainties (contact) | Conviction BUY Top Picks | EUR56 VS. EUR53 (+12%)

EDENRED - Conviction BUY Top Picks | EUR56 VS. EUR53 (+12%) Fading uncertainties (contact) Fading restrictive measures and trade dynamics FY guidance set to be adjusted upwards A timely bond issue

Victor Floc’h

ONCODESIGN: Drug candidate’s selection triggers a EUR2m milestone payment from Servier | CORPORATE | EUR15(+18%)

ONCODESIGN - CORPORATE | EUR15(+18%) Drug candidate’s selection triggers a EUR2m milestone payment from Servier LRRK2 programme in Parkinson’s disease targets IND in 2022 Not first-in-class but aims to become best-in-class R&D day to be held on June 24

Loic Morvan

THE SWATCH GROUP: Momentum remains strong! | BUY | CHF340 VS. CHF295 (+5%)

THE SWATCH GROUP - BUY | CHF340 VS. CHF295 (+5%) Momentum remains strong! Half Year sales should gain 58%, but still down 15% vs H1 2019 Positive geographical mix Even more optimistic than initially expected TP at CHF340, Buy confirmed

Thomas Coudry

VIVENDI: Football rights: new kick off | BUY | EUR27 VS. EUR26

VIVENDI - BUY | EUR27 VS. EUR26 (+5%) Football rights: new kick off Following the failure of Mediapro, the door is wide open for Canal+ Getting a return on additional spend will be challenging… … but value lies elsewhere Removed from top pick list, Buy confirmed.

Olga Smolentseva

4D PHARMA (CORPORATE, TP 407p) | Presentations at SITC support MRx0518 development:

4D PHARMA (CORPORATE, TP 407p) | Presentations at SITC support MRx0518 development:

Eric Lemarie

TARKETT: Everything has a value | BUY vs. NEUTRAL | EUR13 vs. EUR8 (+35%)

TARKETT - BUY vs. NEUTRAL | EUR13 vs. EUR8 (+35%) Everything has a value 2020 woes well translated in the share price Liquidity looks like a manageable issue The momentum looks better Not a value trap anymore

Eric Le Berrigaud

ASTRAZENECA - BUY - Top Picks | 8780p(+1%) ADAURA: outstanding results, paving the way for new SoC in adjuvant NSCLC

Top-line data even greater then thought Modelling consequences

Nikolaas Faes

FLOWR: Feedback from virtual meeting | BUY | CAD1.2(+97%)

FLOWR - BUY | CAD1.2(+97%) Feedback from virtual meeting From recreational in Canada to medical cannabis in Europe High THC products is what recreational consumer want Nearing cash flow break-even The latest capital raising should be the last one

Gregory Ramirez

SAP: Sapphire Now 2021: on the right trajectory | BUY | EUR139 VS. EUR133 (+16%)

SAP - BUY | EUR139 VS. EUR133 (+16%) Sapphire Now 2021: on the right trajectory We reiterate our Buy rating and have raised our target price to EUR139 The case for moving to S/4HANA Cloud has seen increasing relevance There are more ammunition for growth acceleration after 2022 With the BTP, the promise to end the “nightmare” of SAP migrations

Xavier Regnard

MCPHY ENERGY: Profit warning, not really a surprise to us but consensus will adjust downwards | CORPORATE | EUR31 VS. EUR37 (+14%)

MCPHY ENERGY - CORPORATE | EUR31 VS. EUR37 (+14%) Profit warning, not really a surprise to us but consensus will adjust downwards H1 2021 revenue growth could be negative Not really a surprise to us but consensus was lagging and will now adjust downwards We further decrease our estimates… …and our TP, from EUR37 to EUR31 Negative read-across for the sector ?

Bruno de La Rochebrochard

EDENRED: Fading uncertainties (contact) | Conviction BUY Top Picks | EUR56 VS. EUR53 (+12%)

EDENRED - Conviction BUY Top Picks | EUR56 VS. EUR53 (+12%) Fading uncertainties (contact) Fading restrictive measures and trade dynamics FY guidance set to be adjusted upwards A timely bond issue

Victor Floc’h

ONCODESIGN: Drug candidate’s selection triggers a EUR2m milestone payment from Servier | CORPORATE | EUR15(+18%)

ONCODESIGN - CORPORATE | EUR15(+18%) Drug candidate’s selection triggers a EUR2m milestone payment from Servier LRRK2 programme in Parkinson’s disease targets IND in 2022 Not first-in-class but aims to become best-in-class R&D day to be held on June 24

Loic Morvan

THE SWATCH GROUP: Momentum remains strong! | BUY | CHF340 VS. CHF295 (+5%)

THE SWATCH GROUP - BUY | CHF340 VS. CHF295 (+5%) Momentum remains strong! Half Year sales should gain 58%, but still down 15% vs H1 2019 Positive geographical mix Even more optimistic than initially expected TP at CHF340, Buy confirmed

EDF (NEUTRAL, FV Under Review) | Dividend for 2019 dropped, the guidance for 2020 will follow soon

Healthcare: Top Picks Q2 2020: Three large cap pharma out of four names for the next quarter

ResearchPool Subscriptions

Get the most out of your insights

Get in touch