While maintaining its 'outperform' rating on Chargeurs, Oddo BHF has lowered its price target from 14 to 12 euros, following a lower-than-expected publication which has led it to reduce its 2023 estimates for the group.

The research firm now expects sales to fall by 8.6% to 682 million euros and operating profit to 26 million, but despite these conservative estimates, it emphasizes the sharp fall in the share price and low valuation for 2024 (EV/EBIT less than eight times).

Momentum should become more positive again for Chargeurs over the next few months (low point reached at Advanced Materials, good resilience of Fashion Technologies and ramp-up of Museum Studios)", he continues.

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