Invest Securities reiterates its 'buy' recommendation on Worldline, while halving its target price to 23 euros, after lowering its estimates and taking into account a higher beta for the payment solutions group.

While the share price had already been divided by four in relation to its July 2021 highs, yesterday's stock market collapse (-59%) can only be explained for a third by the earnings warning", argues the analyst, who considers the stock market reaction "disproportionate".

Knowing that there are no fears about the company's financial structure or risk of fraud, he explains this reaction by the risk of commoditization of the business, a scenario he does not believe in 'given the renewed interest of PE funds in the sector'.

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