Invest Securities maintains its neutral rating on Visiativ shares, with a target price raised from €26 to €37.

We are surprised by Groupe SNEF's takeover bid, as we were convinced that the current management wanted to keep the reins for a long time to come, particularly after the presentation of the Shift5 plan, which set out the roadmap for the period 2023-28", the analyst points out.

The management, perhaps disappointed with the stock market valuation, decided to take the plunge', the broker believes.

Invest Securities points out that it remains difficult to give an opinion on the proposed price (37 euros), as 'the group's valuation is highly sensitive to the long-term EBITDA margin, which has been a source of tension for Visiativ since the IPO and the reason for its recent stock market performance'.


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