Oddo BHF has reiterated its 'outperform' rating on Stef, with a target price raised from 120 to 130 euros, judging the valuation to be 'still very reasonable', following the publication by the logistics group of 'very good half-year results despite a difficult context'.

Following this publication, the research consultancy adjusted its 2023 profitability scenario slightly upwards, now expecting operating income of 220 million euros, i.e. an operating margin of 5%, and net income, group share of 163 million.

"The group's resilient business model, its ability to preserve margins in a less obvious context, and the potential M&A to come, encourage us to remain very positive on the dossier", says the analyst in charge of the dossier.

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