Bureau Veritas shares break through €29.35 and hit a 250-session high
The inspection and certification group moves into peak territory in a Paris market clearly trending upward. The move extends a rebound underway for several weeks and comes a few days after a target price increase by a major US bank.
A 250-session high broken and a 12% gain over the month
The Bureau Veritas share gains 2.16% to €29.78 intraday, while the CAC 40 rises 2.18%.
The stock has cleared its 250-session high (€29.48), which now acts as support, after breaking through its €29.35 resistance during the session. This peak comes after a 12.08% gain over one month, placing the price 7.66% above its 50-day moving average (MM50) and 9.40% above its 200-day moving average (MM200).
The RSI at 71 signals an overbought configuration. The next round level is at €30. On October 21, the group had published third-quarter revenue up 10.1%, with annual targets confirmed.
Citi raises its target to €33.91 as a share buyback is already well advanced
In the field of analyst opinions, Citi raised its price target on November 2 from €31.54 to €33.91, while maintaining its buy rating. This target implies a potential of about 14% relative to the day's price.
On the shareholder side, the €200 million share buyback program announced on February 25 was about 36% executed as of October 27, representing €71 million repurchased. For the stock, the €30 level is the next numerical benchmark above the current price.
