Stifel maintains its 'hold' rating on Sixt shares, with a price target lowered from 122 to 104 euros.

The analyst indicates that he is revising downwards his rental income per day estimates for next year by 3 points, from -5% to -8%. As a result, Stifel anticipates a decline in pre-tax earnings of 68 ME for 2024 and 52 ME for 2025.

This change entails a 1.4 percentage point drop in EBT margin in 2024 compared with 2023.

The broker believes that the elements likely to modify its model are as follows: - Sixt's ability to adjust costs quickly; the ability of the car rental market to obtain better prices the recovery of consumer confidence, among other aspects.

'These points should also be the main drivers of our more positive stance on the stock', summarizes Stifel.

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