Stifel initiates coverage of Wavestone with a 'buy' recommendation and a price target of 55 euros, implying a potential upside of around 22% for the stock of this digital transformation consultancy.

Compared with IT services companies, its closest peers in the outsourcing segment and to a lesser extent in the consulting segment, Wavestone's valuation should be in the upper range", he believes.

"We believe that the company is in a position to double its EPS in five to six years, largely thanks to external growth", believes the broker, for whom the group's track record "speaks for itself".

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