On Friday, Deutsche Bank maintained its buy recommendation on Pluxee, but revised its price target downwards from 36 to 35 euros.

In a reaction note, the analyst points out that the issuer of restaurant shares has once again raised its organic growth forecast for the current financial year, now targeting an increase of around 18% compared with a range of 15% to 17% previously envisaged.

The intermediary nevertheless notes that its target of an annual recurring operating margin (Ebitda) of at least 35% has remained unchanged.

He adds that third-quarter sales of 297 million (+17.9% on an organic basis) did not meet his estimates, nor those of the consensus, which were targeting 303 million.

While acknowledging that the Group is facing a slowdown in business in Europe, DB stresses that its operations remain solid everywhere else, which he believes means that growth potential remains intact.

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