Bechtle AG : Q1 Postview: we confirm our Outperform rating, but lower our target price
>We reduce our target price from € 56.0 to € 54.0 - Considering the continued weak macroenvironment, weak demand from SMB businesses in Germany, and the lack of public client business due to delayed approval of government budgets, Q1 was decent at best. However, it was below Bechtle’s own ambitions. The company expects business to successively pick up in upcoming quarters, with a strong focus on H2. Bechtle is confirming its guidance but now targets the low to mid-ra...Bechtle is engaged in the business as an information technology (IT) dealer. Co. provides IT services combining with online marketing of IT products. Co. provides vendor-independent, IT portfolio to its customers from the fields of industry and trade, the public sector and the financial industry. Co. operates within two segments: IT system house & managed services segment, which provides its customers with IT strategy consulting services, hardware and software, project planning and implementation, system integration, IT services, training and IT operation; and the IT e-commerce segment, which comprisesCo.'s Internet, catalogue and telesales trading activities.
Oddo Securities provides securities brokerage and research services. The company offers equity, economic, and derivatives research and credit analysis services. It focuses on insurance, automotive, building materials, pharmaceuticals, telecommunications, information technology, and agri-food industries.
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