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Worldline: Berenberg reduces target price

( - On Friday Berenberg reduced its target price for Worldline shares to 70 euros (from 100 euros), while maintaining its buy rating on the stock, following what it considers to be "solid transaction volumes" for Q1.

In its comments, the broker believes that the payment specialist is well placed to regain investor confidence provided it achieves its growth and margin improvement targets in H2.

Berenberg believes that Worldline will also have to demonstrate its ability to take advantage of the current recovery in offline transactions, the travel market and cross-border operations.

The analyst justifies its price target cut by the reduction in its 2022 and 2023 earnings estimates, against the backdrop of rising costs and the slower-than-expected recovery of margins in payment solutions for financial institutions.

Worldline shares are currently up about 0.4% at just over 38 euros, underperforming the market slightly in Paris.

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