While adjusting its price target from €2.2 to €2, Oddo BHF maintains its 'outperform' opinion on Pierre & Vacances, saying it is 'confident in the Group's ability to continue the successful execution of its strategic plan'.

'We believe the Group has several catalysts', says the research house, pointing to a 'unique positioning focused on local tourism' and a 'renovated portfolio enabling improved occupancy rates and prices'.

Oddo BHF also mentions confidence in the Group's ability to manage high inflation, a net cash position and a valuation that reflects a discount of around 30% to the historical average.

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