Drones grand public : la guerre des prix est déclarée - ACHAT vs NEUTRE - OC 14,5€ (vs 21,6€)
Le leader du marché, le chinois DJI, a décidé de se lancer dans une politique de prix agressive prenant de court, tant les américains que les européens. Ainsi, monopolisant le sell in, il va capter une grande partie de la croissance du marché en cette fin d’année, au détriment de la concurrence. Pour Parrot, cela va se traduire par un T3 et probablement un T4 en décroissance sur ce marché. Alors que nous pensions que la nouvelle gamme de Parrot allait pouvoir dynamiser le S2, ce qui avait motivé notre passage à l’ACHAT le 09/09, la stratégie de DJI et l’arrivée de nouveaux acteurs chinois sur le marché grand public viennent décaler la perspective d’un retour rapide à la croissance et nous incitent à changer notre recommandation de ACHAT à NEUTRE. Dans l’hypothèse d’un retour à des prix plus normatifs dès la fin du black friday, notre nouvel objectif ressort à 14,5€ (vs 21,3€).Parrot is a global player in wireless mobile phone accessories, specialized in designing and marketing wireless devices for mobile phones. Co. activities cover both retail customers (installed hands free kits, Plug & Play hands free kits and Multimedia products), and auto industry professionals. Co. developed three retail product ranges: two for vehicles and one for the house. Vehicle products are hand-free kits installed, in most cases, by professionals after vehicle purchase; and Plug & Play products, which are hands-free systems usable upon purchase. House products include multimedia products, allowing users to share multimedia contents on mobile phones.
Since 2006, Invest Securities has become one of the leading players in investment services for funds and managers, to whom we offer a global and personalised service. Our track record differentiates us and proves our leadership in numerous promising sectors like property and growth companies.
Consisting of 13 different profiles (pharmacist, engineer, financier, etc), the DNA of our financial analysis office is value added and sector expertise. Through daily monitoring and detailed analyses of companies and sectors, we seek to provide a differentiating vision of our 120 stocks followed. Our ideas are circulated every day to nearly 1,000 professionals.
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