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Groupe Eurotunnel: BarCap maintains 'underweight' call

(CercleFinance.com) - Barclays Capital has maintained its underweight rating on Groupe Eurotunnel with a target price of 10 euros, saying that the operator of the Channel Tunnel is "not out of the woods yet.

The broker even considers the possibility of a downside scenario implying a 40% cut to its earnings estimates and a fair value of 8 euros.

In a research note sent to clients, BarCap highlights traffic that continues to disappoint, truck shuttle yields that are lower than expected, coupled with potential delays in Eurostar's Amsterdam launch.

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