Stifel has downgraded its recommendation on Esker from 'buy' to 'hold', despite raising its target price from €155 to €175, pointing out that the stock is already trading at more than 50 times expected EPS for 2023, and on an EV/EBITDA 2024 ratio close to 25 times.

Although it has downgraded its position in the absence of any new catalyst, following the publication of solid 2022 figures, the broker believes that the stock still has the potential to double in value over the next three to five years.

The company retains an exceptional growth/quality ratio and should see a gradual increase in speculative interest over the coming years", Stifel judges in the summary of its research note.

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