Jefferies upgrades Spie on 'overdone' risk and growth outlook

Spie SA

10/09/2026 08:21

** Jefferies upgrades French engineering firm SPIE SPIE.PA to "buy" from "hold" as organic growth begins to trough and political risks appear "overdone"
** The brokerage notes the stock offers an 8% free cash flow yield and looks "great value" after a summer pullback
** Broker projects a growth acceleration over FY 2027-2028 supported by a step up in German high-voltage grid activity and data centre buildouts
** Jefferies adds that easing hurdles in the company's fibre and building solutions divisions in France will further support this improving outlook
** Out of 12 analysts that cover Spie, 12 rate the stock "strong buy" or "buy," according to LSEG data

(Reporting by Hugo Lhomedet)
((hugo.lhomedet@thomsonreuters.com))