Edenred: Stifel raises target price

(CercleFinance.com) - Stifel reiterates its "buy" recommendation on the share of pre-paid corporate services group Edenred, while increasing its corresponding target price from 50 euros to 58 euros, based on higher estimates and an expansion of multiples, deeming that the investment case remains "intact".


"We see underestimated potential from: (1) the acceleration of the meal & food market penetration triggered by Covid-19; (2) the growth relay strategy through the deployment of adjacent services," the broker says.

"We take a three-year view and show how the business model transformation will make the operating profile even stronger through further diversification," it adds, entering Edenred into its French and European focus lists.


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