On Thursday, Berenberg confirmed its buy recommendation on Elis, while raising its target price for the stock from €24.5 to €26.

From the analyst's point of view, the industrial laundry group is heading for another year of profitable growth this year, with organic growth expected to be around 5%, accompanied by an increase in margins.

The intermediary refers to "good visibility" regarding these prospects, as the hygiene specialist reiterated this week from Madrid, where Berenberg is currently holding a seminar.

The professional adds that first-quarter sales figures, unveiled last week, confirmed that the group was well on its way to achieving its annual targets.

More generally, Berenberg says it appreciates the stock for its defensive characteristics and its resistance to economic ups and downs.

'In view of the quality on offer, we think the stock is still too cheap, even after its rise of around 20% since the start of the year', it concludes.

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