Berenberg Trims Price Target, Estimates for Vinci on 'Mixed Sentiments' Post-Q3 Results

06:59 AM EDT, 10/26/2026 (MT Newswires) -- Berenberg lowered its price target and earnings forecasts for Vinci (DG.PA), noting "mixed sentiments" after the French concessions and construction company's third-quarter earnings report on Oct. 22. "We think the Q3 results highlighted very clearly the conflicting challenges of the VINCI investment case. On the one hand, the company delivered another, in our view, robust operational performance, with organic growth in all key divisions as well as further growth in the order book (which bodes well for FY27), while also reiterating underlying FY26 guidance. On the other hand, the company confirmed and quantified the possible financial impact of an additional tax on the Autoroute business. Combined with the current political and economic uncertainty in France, these issues continue to present non-operational headwinds," according to a Monday note. For the third quarter, Vinci generated revenue of 20.36 billion euros, representing a 4.9% increase on a reported basis and 2.6% like-for-like, as all core divisions posted positive growth. The company reiterated its full-year 2026 guidance for "further" growth in revenue, operating earnings, and net income, while cautioning that the outlook excludes the potential impact of a proposed French transport infrastructure tax currently under parliamentary review. Against this backdrop, the research firm reduced its price target to 135 euros from 145 euros and lowered its EBIT and EPS projections for full-year 2026 through 2028. Meanwhile, Berenberg reiterated its buy rating on the stock, noting "both the solid performance of the core business and an attractive valuation."