Goldman Sachs on Monday downgraded its opinion on Worldline from 'buy' to 'neutral', while lowering its target price from €39 to €17.

In a research note, the US investment bank explains that it sees less upside potential for the stock now that it has rebounded by almost 50% from the lows reached in the wake of the publication of Q3 results.

The New York firm also acknowledges that its previous forecasts tended to underestimate the extent of the slowdown in growth experienced by the payment specialist, as well as the accumulation of charges.

Goldman Sachs explains that all these problems, which are specific to the group, are likely to penalize activity, alter the quality of results and weigh on free cash flow (FCF).

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