In the wake of Bolloré's half-yearly publication, Oddo BHF reiterates its "neutral" opinion on the share "pending a little more visibility on the use of cash", while adjusting its price target from 7.2 to 6.5 euros.

The research firm justifies this reduction by taking into account the recent fall in UMG's share price (in which Bolloré holds 18.5% of the capital) and the fact that, following the fall in UMG's share price, the Group acquired an additional 0.5% of capital.

In our opinion, this is a tactical acquisition, and the group is not likely to increase its position significantly", says the analyst, who leaves his expectations virtually unchanged following half-year results in line with his expectations.

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