On Monday, Goldman Sachs raised its recommendation on Getlink shares to 'buy', with a target price of €20.

In a note released this morning, the US bank's analysts acknowledged that the group's traffic had deteriorated recently, but said they expected the downturn to slow in the coming months.

The business could also benefit from a forthcoming warming of trade relations between the UK and the European Union and/or an improvement in the UK economy, the firm believes.

The Eurotunnel operator, which competes with more carbon-intensive rivals, could ultimately benefit from the fact that airlines and ferries will have to pay for their CO2 in Europe from 2024, Goldman concludes.

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