Oddo BHF maintains its 'underperform' rating on Elior, with a price target lowered from 2.8 to 2.6 euros, following the group's heavily-punished first-half publication, with disappointing outlook.

While the analyst remains 'confident about the fundamentals of the foodservice sector and its resilience in times of economic crisis', he believes that Elior 'has accumulated a number of strategic and operational errors over the past few years'.

From a purely operational point of view, we still consider that improvement at Elior will be slower than its competitors, even with the integration of DMS, with a relatively high integration risk in the short term', he asserts.

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