Stifel has reaffirmed its 'buy' recommendation on Ayvens (ALD), while lowering its target price from 17 to 15 euros, in the wake of a warning issued by the vehicle rental group, which it believes 'adds to its loss of credibility'.

The broker indicates that the write-downs announced on Thursday, as well as a fall in used vehicle prices, particularly for 100% electric vehicles (BEVs), are leading it to reduce its estimates for the group.

Nevertheless, Stifel believes that the share has reached a low point, should benefit from the dividend confirmation and remains significantly undervalued in relation to its fundamentals, and that results should start to improve sequentially.

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