Freelance.com is down nearly 8% following the announcement by the intellectual services firm of sales for the first half of 2023 of 419.4 million euros, up 10% year-on-year.

While maintaining its 'keep' recommendation on the stock, Stifel has lowered its target price from six to 4.9 euros in light of this trading update, with second-quarter sales 7% below its forecast.

Difficulties persist on the international front, while the slowdown in France has been more significant than expected, accounting for most of this gap", according to the broker, who has lowered his sales and EPS expectations for 2023.

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