UBS has downgraded its recommendation on Bic from 'buy' to 'neutral', despite a price target raised from 70 to 74 euros, a new target that leaves a potential upside of 7% for the stock of the supplier of disposable pens, lighters and razors.

In the summary of its rating, the broker justifies its downgrade 'despite the improvement in operating performance in the medium term thanks to the Horizon plan', as it foresees 'a number of short-term headwinds'.

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