(News Bulletin 247) – Stifel downgrades its recommendation on Teleperformance from ‘buy’ to ‘hold’ with a price target reduced from 340 to 220 euros, the day after the announcement by the contact center group of its proposed acquisition of Majorel.
While he understands the rationale behind this move and sees it as a medium to long-term net positive, the broker sees little reason for the stock to rebound over the next six to 12 months.
Stifel points to the series of confusing announcements and disappointing results over the past few months, the lack of visibility on Majorel’s shareholder commitment, as well as the uncertainties brought about by artificial intelligence and ChatGPT.
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