Stifel reiterates its 'buy' recommendation and 18.5 euro price target on Believe, believing that 'the fall in the share price represents an opportunity', as the broker remains 'fundamentally very positive' on this company specializing in the music sector.

While lowering its growth forecasts for 2023 and 2024 (but not 2025), it emphasizes that "Believe continues to significantly outperform the sector's major groups, but also demonstrates its responsiveness and ability to adapt to the difficult economic climate".

Stifel highlights a strong improvement in profitability resulting from a rapid adjustment of costs and an increase in financial income, which has led it to raise its 2023 and 2024 EPS estimates for the group.

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