Oddo BHF maintains its 'outperform' opinion and 12 euro price target on Valneva, after adjusting its model to include the sale of the Priority Review Voucher (PRV) for 100 million euros, now expected in 2024.

The vaccine company was unable to dispose of its PRV in 2023 as originally planned, but estimates that a sale agreement should be reached in early 2024, raising the consultancy's 2024 net income forecast from -69.3 to 23 million euros.

Oddo BHF adds: "The company should continue to benefit from the recovery in the travel market that began in 2023, and especially from the launch of its new chikungunya vaccine, which will be closely watched by investors.

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