Berenberg announced on Tuesday that it had raised its price target for Wendel from €109 to €122, while continuing to recommend the stock as a buy due to the "perfect" execution of the strategy implemented by the investment company.

In a research note, the research firm hails the successful sale of a 9% stake in Bureau Veritas, a transaction that generated around €1.1 billion in gross cash.

This is particularly positive news for Wendel, which will enable it to reduce its risk profile, lower its discount to net book value, and raise cash to invest in high-growth assets", it explains.

Berenberg thus reiterates its full confidence in the strategic direction taken by the group's management.

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