In a note, BofA's analysts express concern at the slowdown in the company's like-for-like growth, which in the first quarter hit its lowest level since the Covid was introduced in early 2020.

According to their indications, this bout of weakness should even continue in the second quarter, an underperformance they explain by a less favorable basis of comparison, but also by poorer operational execution.

While acknowledging that the stock's valuation is currently at the lower end of its historical range, the research firm expects the stock's performance to be held back by a return of like-for-like growth to around its long-term average in the US, i.e. 2-3%.

As a result, BofA has lowered its price target on the stock to $288, from $302 previously, while maintaining its 'neutral' opinion on the stock.

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