Stifel has reaffirmed its 'buy' recommendation on Vinci, with its price target raised from 128 to 133 euros, seeing the French construction and concessions group's stock as a 'way to cope with seasonality and market volatility linked to rotation'.

Vinci continues to show good, albeit slowing, earnings momentum, while its post-Covid-19 defensive characteristics are making a comeback", says the broker, who sees this as a positive aspect for the stock in the context of the sector.

"The stock looks relatively good in the context of our preferred criteria. High European exposure and exposure to rate-sensitive concessions should help. However, a housing rebound should not be a catalyst', he continues.

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