In a note on inspection and certification services, Stifel downgrades its recommendation on Bureau Veritas from "buy" to "hold", with a price target reduced from 28 to 24 euros for this stock, which nevertheless remains its favorite in the sector.

"We expect some of the factors behind the slowdown in organic growth in the third quarter to continue to weigh in the coming quarters", warns the broker, who reduces its adjusted EPS forecasts by 3-6%.

Stifel forecasts average annual adjusted EPS growth of around 6% over 2022-25, outperforming its peers, and believes that 'there is still a certain misconception about the Group's profile', being perceived as 'more cyclical than it really is'.

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