Deutsche Bank announced on Monday that it had upgraded its recommendation on ADP shares from "hold" to "buy", with an unchanged price target of 142 euros.

In a study of European airport operators, the analyst considers that, with a 12% decline since the start of the year, compared with increases ranging from 24% to 32% for its peers, ADP's current share price incorporates the negative effects of the economic slowdown and regulatory developments on earnings.

The intermediary also points to the prospect of a further surge in spending in its terminal stores, due to the Paris Olympic Games next year.

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