Wavestone is down by almost 2% under the weight of an unfavorable note from Stifel, which has downgraded its recommendation from 'buy' to 'hold' despite raising its target price for the consulting firm's shares from €60 to €67.

While recognizing Wavestone as 'a high-quality company', the broker warns that, given the deteriorating macroeconomic environment, 'the risk of management reducing its targets is not unlikely'.

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