Invest Securities has downgraded its recommendation on Visiativ shares from "buy" to "neutral", due to the recent rebound in the share price (+14pts over 3 months) and management's cautious message on short-term profitability.

The analyst has also reduced his target price from €36 to €34.

While we are leaving our sales estimates unchanged, our earnings expectations have been significantly reduced for 2023-25, to take account of management's focus on growth and the migration of the model to subscription-based services", says Invest.

The research firm points out that, while this does not call into question its positive medium/long-term opinion, the transition period could generate a certain amount of stress, especially as Visiativ remains a company with a high level of debt (95mE in liabilities for a capi of 150mE).


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