Stifel has downgraded its recommendation on ID Logistics from 'buy' to 'hold', with the target price maintained at 350 euros, after 'as expected, excellent results for 2023, despite a slowdown in sales due to a difficult economic climate'.

'Unfortunately, all the good news seems to us to be well integrated into the share price', judges the broker, noting that after a rise of more than 40% over the last six months, the stock is now trading at more than 25 times 2025 results.

While Stifel still believes that, fundamentally, the stock should be able to double in value over the next five years, it sees more limited potential in the short term, and warns that 'when all the lights are green, there's a risk that one of them will turn orange'.

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