In a research note published this morning, the U.S. broker stated it expects like-for-like growth of 2.2% for the first three months of the year, compared with a consensus estimate of 2.9%. For the full year 2026, the broker forecasts growth of 3.7%, versus average expectations of 3.9%, citing a slowdown in North American operations.

The broker further explained that it has reduced its 2026 profit margin estimate by 20 basis points due to a less favorable product mix.

However, Jefferies expects the stock to trade closer to a price-to-earnings (P/E) multiple of 19x in the near term, up from the current 17.5x, as commercial momentum improves in the United States. Consequently, the firm maintains its "Buy" rating on the stock.

In a separate note released this morning, Deutsche Bank also announced a reduction in its price target for the shares, moving from 66 to 65 euros.