Deutsche Bank on Monday raised its price target for Deezer from three euros to 3.1 euros, deeming the online music specialist's Q3 performance to be "encouraging".

In a research note, the analyst explains that he expects the French music streaming group to see its growth accelerate in Q4 on the back of price increases and partnerships in the B2B sector.

Against this backdrop, the analyst expects the company - which has confirmed its annual targets - to reach the upper end of its guidance range for 2023.

Deutsche Bank is nevertheless maintaining its 'hold' recommendation on the stock, preferring to remain on the sidelines due to what it sees as limited visibility concerning the group's profitability trajectory.

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