On Tuesday, JPMorgan raised its recommendation on Veolia from "underweight" to "neutral", with a price target raised from 22.5 to 29 euros.

In a research note, the financial intermediary points out that the French environmental services giant's share price has risen sharply recently, with a gain of 22.5% since the beginning of the year.

While he expects the group to cushion the coming economic slowdown thanks to price indexation, falling energy costs, internal measures and cautious targets, the analyst also sees "limited" upside potential for the stock until a business recovery materializes.

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