While maintaining its 'neutral' position on Teleperformance, UBS has drastically reduced its price target from 137 to 95 euros, leaving 12% upside potential for the French customer relationship outsourcing group's shares.

Despite a rock-bottom valuation, faster deflation, integration risk and poor visibility on customer decision-making are limiting the potential for revaluation", judges the broker, for whom the group "still has a long and uncertain road ahead of it to reconvince".

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