UBS confirms its neutral advice on the value with an adjusted target of E17 (down from E17.5) ahead of the release of Q3 2023 figures.

' Europe should do well, but Brazil is a challenge' according to the analyst.

' We are reducing the Group's EBIT by -5%/-2% over the next two years, mainly due to lower CRFB estimates, and expect a mixed third quarter ' says UBS.

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