Goldman Sachs downgraded Eiffage to neutral from buy, reducing 12‑month price target to €148 from €157.
Shares at €127.05 on May 20 imply ~16.5% upside, while EBIT and EPS forecasts for 2026‑29 were cut 4% and 6% respectively.
Goldman projects 2026 revenue €25.60 bn, EPS €11.83 and APRR EBIT €1.44 bn, noting weaker toll traffic and French construction PMI lows.
The firm expects dividend yield 4.0% in 2026 rising to 4.5% by 2028, with net‑debt/EBITDA improving to 1.2x by 2028.