Elior shares were the biggest risers on the SBF 120 index on Monday morning on the Paris Bourse, benefiting from a recommendation upgrade by Deutsche Bank, which believes that the worst is "probably over" for the group.

At 9:30 a.m., the share price was up by over 5%, compared with a rise of just 0.2% for the SBF 120.

In a note released this morning, Deutsche Bank said it had raised its recommendation on the stock from "hold" to "buy", with its target price unchanged at 3.4 euros.

The broker explains that it has adjusted its estimates for the Group following the publication last week of slightly better-than-expected annual results for the 2022/2023 financial year.

While highlighting a slightly lower-than-expected outlook for the new 2023/2024 financial year, the broker says he appreciates the efforts made by the company to return to profitable growth and reduce its debt, which leads him to believe that "the worst is probably over".

Following performances and forecasts that were often deemed disappointing this year, the share price is still down 23% since January 1.

Copyright (c) 2023 CercleFinance.com. All rights reserved.