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Metro: Invest Securities adjusts target price

( - Invest Securities believes that Metro is likely to enter the next financial year in the turmoil of the health crisis in Europe, considering that its model remains driven by the catering market and that its first quarter is a major factor in the formation of its annual results (1/2 of EBITDA).

Once again, there is a risk of being faced with a new momentum of bearish forecasts and a financial year that once again has been ravaged by the crisis. Under these conditions, it is almost tempting to consider EPGC's offer as a valid alternative, when it is objectively only a "second best" choice, analysts say.

Without conviction, we recommend that we follow it, as the environment is uncertain for a group whose Board has not yet decided on the succession of the Chairman of the Management Board, they add.

The analyst maintains a neutral rating on the share, although has nudged up his target price to 7.7 euros (compared to 7.5 euros).

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