Deutsche Bank announced on Monday that it had lowered its target price for ALD shares from €16 to €12, while reiterating its buy recommendation.

In a note published early this morning, the broker hails the resilience of the business of Société Générale's car rental subsidiary, which it nevertheless considers to be "undervalued" by the market.

While it also highlights the company's solid credit rating, as well as its ability to continue raising funds at attractive interest rates, the broker explains that it has revised its estimates following the new targets communicated last month by the fleet manager's management.

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