UBS lowers its opinion on the stock to neutral (from buy) and cuts its target price to E130 (from E380).

' Current obstacles to growth and debates over long-term disruption are unlikely to be resolved quickly. Despite a PE of 8x, we have upgraded to Neutral with a new model to adjust for the impact of AI' says UBS.

Recall that Teleperformance has adjusted its annual financial targets for 2023 and now targets like-for-like sales growth excluding 'Covid contracts' of between +6% and +8% with a confirmed target for current EBITA margin on sales: up +50 bp to 16%.

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