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Sodexo: UBS no longer a buyer

( - UBS this morning downgraded its buy rating on the Sodexo share, adopting a "neutral" stance, with analysts saying that "Restructuring progress now priced in.
Although nudging up its 12-month target price for the share from 101 euros to 104 euros, this only means limited upside potential.

Admittedly, according to UBS' research note, "Sodexo has continued to show recovery during the first half of the year with organic growth of c3%," expressing its confidence in management's annual targets - both for this fiscal year and over the medium term.

That said, Sodexo is trading at an EV/EBITDA multiple of about 11 times and the stock, which has risen by about 30% in one year, is now close to UBS' target price.

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