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Sodexo: on a 6-year high, Morgan Stanley positive

( - Sodexo shares gained nearly 2% on the Paris Bourse on Friday, returning to its best levels since the end of 2017, in the wake of positive comments from Morgan Stanley, which said it saw an attractive risk/reward profile for the stock.

At around 10am, the share was up 1.8%, the second-best performer on the SBF 120 index, after gaining up to 2.6% at the opening.

This morning, Morgan Stanley raised its recommendation on the stock from equal weight to overweight, with a target price raised from E86 to E96.

In its research note, the broker estimates that a simplification of the group's complex capital structure could add around 10% to its current market capitalisation.

It adds that its work is also in line with a long-term recovery in the US contract catering market.

At the same time, the analyst points out that increased exposure to group purchasing organisations (GPOs), vending machines and the US market, at the expense of facility management, could enable the company to improve its profit margins by around 0.8%.

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