Stifel reaffirms its 'buy' recommendation on Ayvens (ex ALD), while lowering its target price from 19 to 17 euros, following Friday's publication of a disappointing net result for the third quarter, due in particular to a loss on derivatives.

He lowered his estimates in view of this surprise loss, which 'is likely to be a recurring one', but the main disappointment of the publication remains the absence of a new dividend target.

While this 'would have reassured investors who no longer have confidence in the company', the broker believes that they 'will have to wait another three months to expect a significant rebound in the share price'.

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