Goldman Sachs has lowered its 12-month target price for Elior from four euros to 3.45 euros, with its opinion maintained at 'neutral'.

In a research note, the intermediary indicates that it has lowered its operating margin outlook for 2023 to 1.5%, due to the intensification of inflationary pressures in the second half of the year and the difficulties encountered by the group in renegotiating its contracts with public administrations in France.

In addition to the persistence of inflation, which points to a longer-than-expected recovery in margins from next year onwards, the analyst stresses that his new estimates also take into account the acquisition of Derichebourg Multiservices.

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