UBS reaffirms its 'buy' recommendation on Eiffage, with an adjusted price target of €137 to €134, a new target that offers a 58% upside potential for the French construction and concessions group's shares.

An IRR of around 13% seems attractive (even after the tax on concessions), but capital allocation remains the key to the dossier", the broker believes, adding that "operating performance should remain resilient".

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