Invest Securities maintains its buy rating on Toosla shares, but reduces its target price from 6.48 to 4.15 euros.

The disappointment of this publication comes from the EBITA 2022 margin (7.2%), which accumulated constraints and slippages at the end of the fiscal year", notes the research firm.

Nevertheless, "the reassuring point is that the impacting elements are largely non-recurring, and the model mix and cost of ownership concerns already seem to have been ironed out", continues the analyst.

Invest believes that these factors should lead to 'a significant rebound in profitability' as early as the 1st half of the year.

Post "roll-up" of our forecasts for 2023/26, our estimates have been significantly revised downwards, bearing in mind that the value of the owned assets represents 3.5E per share", concludes the broker.

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