While maintaining its 'neutral' opinion on Française des Jeux (FDJ), Oddo BHF has lowered its target price from €38 to €36, following the revision of its expectations for the gaming group and updated market data.

In the wake of lower-than-expected quarterly sales, the research house nevertheless believes that FDJ 'benefits from a resilient growth profile, a healthy balance sheet enabling a steady return to shareholders, and transformative M&A'.

However, while the European Commission's decision could arrive in September and restore visibility, another regulatory risk arises in the context of the Kindred acquisition, with the hinted-at tightening in the Netherlands', it warns.

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