While maintaining its 'neutral' opinion on Worldline, Oddo BHF has lowered its price target from 13.5 to 12 euros, in a note on the French payment solutions group and its Italian peer Nexi, ahead of their half-yearly publications scheduled for August 1.

The research house believes that first-half EBITDA could be lower for Worldline, and that 2024 guidance is at risk for the French company, which would need an acceleration of growth in the second half.

We continue to favor the Italian company over the French in view of its more sustained revenue growth, better profitability and higher cash generation, enabling it to start returning cash to shareholders", says the analyst.

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