UBS reiterates its Neutral recommendation on Elior and raises its target price to E2.55 (from E2.4). The analyst indicates that he intends to adjust estimates after fiscal 2023.

' After fiscal 2023, we will adjust our estimates. We slightly increase sales and adjusted EBITA for fiscal 2024, but reduce EPS due to higher-than-expected financial expenses', says UBS.

It should be remembered that the Group is now aiming to generate 44 million euros in full-year cost synergies by 2026. All in all, including the unchanged objective of commercial synergies, the Group's new target is to achieve 56 million euros in annual recurring synergies by 2026, i.e. almost double the initial objective.

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