Oddo BHF has reiterated its 'outperform' rating on Ipsos (conviction Midcap Europe), with its price target raised from 80 to 85 euros and its earnings forecasts raised for the French market and opinion research specialist.

'Optimism is rife on the business outlook, margins still offer potential for improvement, the balance sheet is underleveraged, valuation multiples remain attractive and the founder is buying shares', stresses the analyst.

Oddo BHF is therefore raising its earnings forecasts (including 6% for 2024/2025 EPS, which are 4% above consensus), 'incorporating a more optimistic growth scenario for this year (organic and currency) and better leverage on margins'.

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