Invest Securities has upgraded HighCo shares from 'neutral' to 'buy', with a target price increased from €3.9 to €4.3, following the publication of interim results showing that 'the outlook for the second half of the year and beyond has greatly improved'.

The broker points to an expected recovery in organic growth in the second half of the year, an expanded scope of activity with Casino, and the consolidation of the ongoing acquisition of Sogec and Budgetbox from Q4 onwards.

The group has once again raised its annual targets, the analyst said, who has raised his own EPS expectations for 2025-27 by 30% and taken into account the acquisition being financed entirely by debt (WACC down in his DCF model).