Stifel initiates coverage of Française des Jeux (FDJ) with a 'buy' recommendation and a price target of 38 euros, pointing to 'a unique business model in the French equity market with long-term visibility'.

The broker believes that this visibility is 'underpinned by exclusive rights and the combination of resilience, growth and high cash generation'. Its strong firepower supports its international expansion strategy', it continues.

'The share's underperformance offers a positive risk/reward, with the uncertainty surrounding the European Commission's investigation largely taken into account, in our opinion', also judges Stifel, which therefore sees an 'attractive entry point'.

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