Deutsche Bank announced on Monday that it had raised its target price for Euronext shares from €69 to €75, following better-than-expected second-quarter results.

In addition to the better-than-expected performance reported by the stock market operator over the past quarter, the research firm hails the launch of a 200 million euro share buyback program.

This first in the group's history is a positive surprise, it stresses, likely to revitalize the share price and boost a valuation deemed "depressed".

While he expects Euronext to possibly improve its cost forecasts by the end of the year, DB stresses that the group's financial performance is still struggling to inspire him, and that no real turnaround seems to be on the horizon.

In view of the limited upside potential revealed by its 75 euro target, Deutsche Bank therefore prefers to remain 'hold' on the stock.

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