OVH plunges after cutting 2024 sales target

** Shares in OVH Groupe <OVH.PA> plunge 9.6% after the cloud computing company cut its full-year sales target, citing an uncertain economic environment, despite posting better-than-expected H1 figures

** It cuts its organic revenue growth forecast to 9-10% from the previous guidance of 11-13% with CEO Michel Paulin flagging "an economic context with little visibility, particularly in Europe where customers are optimising their cloud resources"

** H1 adjusted EBITDA rises 18.3% to 184 million euros ($196.00 million), beating the 180.3 million forecast in a company-compiled consensus

** The group confirms its mid-term targets

** The shares head for their worst day since March 2023