Oddo BHF maintains its 'neutral' rating on Dassault Aviation shares, with an unchanged target price of 195 euros.

The analyst reports that the supply chain is still convalescent. Nevertheless, the disruptions seem to be concentrated on the Falcon line, while the Rafale line remains largely under control, the broker points out.

"Although we believe that the targets set by the company are certainly cautious, having missed these two previous targets, we have lowered our estimates to 35/41/51/60 Falcon deliveries and 20/28/31/39 Rafale deliveries over the next 4 years", says Oddo BHF.

Against this backdrop, the broker has lowered its EPS estimates for 2024 and 2025 by 5.5% and 3.9% respectively, but is keeping its forecasts for the years beyond 'virtually unchanged'.

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