Deutsche Bank on Monday raised its recommendation on Elior from 'hold' to 'buy', with the target price unchanged at 3.4 euros, believing that the worst was probably behind the group.

The broker explains that it has adjusted its estimates on the group following the publication, last week, of slightly better-than-expected annual results for the 2022/2023 financial year.

While highlighting the slightly lower-than-expected outlook for the new 2023/2024 financial year, the broker says it appreciates the efforts made by the company to return to profitable growth and reduce its debt, which leads it to believe that 'the worst is probably over'.

Copyright (c) 2023 CercleFinance.com. All rights reserved.
The information and analyses published by Cercle Finance are intended solely as a decision-making aid for investors. Cercle Finance cannot be held responsible, directly or indirectly, for the use of information and analyses by readers. Uninformed investors are advised to consult a professional advisor before investing. This information does not constitute an invitation to sell or a solicitation to buy.