While reducing its target price from 10.5 to 9.6 euros, Invest Securities reiterates its 'buy' opinion on Audacia, judging it 'well on the way to succeeding in its bold gamble' and 'hoping that the stock will finally enter investors' radar'.

Since its IPO at the end of 2021, the company has preserved its cash position and moved ahead with its new thematic funds", notes the analyst, for whom Audacia is well on the way to achieving its medium-term target of one billion euros in AUM by the end of 2025.

In his opinion, this should enable a very strong increase in earnings over 2024-26, even if its 2025 expectations are reduced to include more minority shareholders and a full-year contribution from fundraising only from 2026 onwards.

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