Oddo BHF reiterates its 'outperform' rating on Esker, with an adjusted target price of €185 to €190, following the company's announcement of quarterly sales 'broadly in line with expectations'.

'While this publication does not generate any particular momentum effect, it confirms the resilience of the model and the ability to maintain a double-digit growth rate in a more difficult economic environment', the analyst judges.

According to Oddo, this specific status (quality, growth and defensive profile) justifies the high valuation, the multiples do not show any excesses and 'the multiplication of buy-outs in the segment (Coupa, Billtrust...) offers additional support to the stock'.

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