Elior has dropped 6% and is the red lantern of the SBF120, penalized by a recommendation downgrade by Stifel from 'hold' to 'sell', with a price target drastically lowered from 3.3 to 1.9 euros, on the catering and services group's share.

Pointing out that Elior "lowered its margin forecast for the second time this year", the broker reduced its EBITA estimates and "does not see a return to positive FCF generation before 2025, reflecting a combination of inflation and structural weaknesses".

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