Oddo BHF maintains its 'outperform' rating on Carmat shares, with a price target lowered from 19 to 17 euros, as Carmat announced yesterday morning the completion of a capital increase in favor of historical shareholders.

The issue of 1.9 million new shares at a subscription price of 3.6 euros will raise the capital by 7 million euros, and management believes that this operation will extend the company's cash flow horizon to early 2024.

In this context, management is taking advantage of this financing to reiterate and confirm its targets, notably the development of sales in Europe and sales of between 4 and 6 million euros for the 2nd half of the year.

On the other hand, management still needs to find new financing sources quickly if it is to achieve its short-term objectives", says the analyst, who is nevertheless convinced of the positioning of Carmat's artificial heart, Aeson®.

Oddo BHF believes that the share price could remain under pressure in the short term until financial visibility improves significantly.

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