Legrand Among the Biggest Gainers on the CAC 40 After UBS Upgrade
The electrical equipment manufacturer for buildings continues its climb in a CAC 40 that is slightly higher. The stock extends a move that began with its early-November accounts, while a rating upgrade from a major Swiss bank came at the start of the week.
Shares of Legrand gain 1.73% to €137.95 intraday, placing them among the strongest performers on the CAC 40, while the index rises 0.28%. The stock trades 5.41% above its 20-day moving average (MM20) at €130.87 and 1.55% above its 50-day moving average (MM50) at €135.85.
Only the 200-day moving average (MM200), at €141.22, remains above the share price, with a gap of 2.32%. This is the level the stock had attacked during Tuesday's session. The stock gained 3.1% over the week, after a mixed start to November: the CAC 40's laggard on November 4, it had returned to the top of the index the following day.
UBS Lifts Price Target to €170, 2026 Targets Raised
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In a note dated November 9, UBS upgraded its rating on the stock from "hold" to "buy" and raised its price target from €160 to €170. This target implies an upside of about 23% relative to the day's share price.
The upgrade follows the November 5 publication: revenue of €8,329.4 million over nine months, up 19.5%, and a 2026 organic growth target raised to 11-13%, versus 8-10% previously. The group also completed seven acquisitions over the period. Next technical level in the data: resistance at €148.40.
SectorMachines et équipements industriels›Équipements électroniques
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Context
Period
Period: 9M 2026
Key reported figures
Revenue: 8 329 millions d'euros
Quarterly revenue: 8 329 millions d'euros
Revenue growth: 19,5 %
EBITDA: 1 950 millions d'euros
EBITDA margin: 23,4 %
Net income: 1 067 millions d'euros
Free cash flow: 1 010 millions d'euros
5 373 millions d'euros
Guidance from the release
« Forts de notre performance depuis le début de l'année, nous relevons nos objectifs pour 2026 »
Risks mentioned
Intégration de multiples acquisitions représentant un défi opérationnel majeur avec calendrier d'intégration étalé.
Impact des mouvements de change négatif (-6,6 M€ de pertes de change au compte de résultat et -588,5 M€ en réserves de conversion).
Augmentation du besoin en fonds de roulement : stocks +315,6 M€, créances clients +458,9 M€ en 9M.
Opportunities identified
Poursuite de la stratégie d'acquisitions ciblées créatrice de valeur avec 7 acquisitions complétées en 9M 2026 (Green4T, Kratos Industries, TES, Keydak, SRS Power Engineering, Girtz Industries, Axel Health).
Croissance du chiffre d'affaires de 19,5% YoY portée par le déploiement des acquisitions et l'intégration en cours.
Amélioration du cash-flow libre à 1 009,5 M€ (12,1% du CA) malgré les investissements d'acquisition.
Outlook / guidance
Expected revenue: 11 472 millions d'euros
Management commentary: « une croissance de ses ventes (hors effets de change) comprise entre +20% et +22% »
The information presented in this article is provided for informational purposes only and does not constitute an investment recommendation, an incentive to buy or sell a financial asset, or investment advice. Readers are invited to conduct their own research before making any decision.
Investments in the stock market involve risks, including the risk of capital loss. Past performance of an asset or market is no guarantee of future results. Any investment decision should be made taking into account your personal financial situation, objectives and risk tolerance.
