(News Bulletin 247) – Stifel reiterates its ‘buy’ recommendation and its price target of 18.5 euros on Believe, believing that ‘the fall in the share price represents an opportunity’, the broker remaining ‘fundamentally very positive’ about this company specializing in the music sector.
If it lowers its growth forecasts for 2023 and 2024 (but not 2025), it underlines that ‘Believe continues to significantly outperform the major groups in the sector, but also demonstrates its responsiveness and its ability to adapt to the difficult economic climate’ .
Stifel highlights a strong improvement in profitability which resulted from a rapid adjustment of costs and an increase in financial income, which led it to raise its estimates of EPS 2023 and 2024 for the group.
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