While maintaining its 'buy' recommendation on Compagnie des Alpes, Stifel has lowered its target price from €25 to €19, following a report by the Cour des Comptes (French Court of Audit) recommending an increase in taxes on ski lifts in ski resorts.

The broker nevertheless points out that, for the time being, this is only a proposal, not a government decision, and that the amounts targeted and mentioned in the report appear circumscribed.

A new tax would not prevent the CDA from continuing to increase its ski pass prices, and paradoxically, the report highlights once again that skiing remains a luxury product with exceptional pricing power," he adds.

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