Berenberg announced on Friday that it had lowered its target price for Veolia Environnement from €38 to €35, while maintaining its buy recommendation on the stock.

In a study released this morning, the financial intermediary said it expected first-quarter results, to be published on May 14, to confirm that the environmental services group remains well placed to achieve both its annual forecasts and its targets for 2027.

Although it expects operating profit (Ebitda) to be penalized by unfavorable currency effects, the analyst explains that he anticipates solid performances on a like-for-like basis in water, waste and energy, suggesting that the objective of 5% to 6% organic growth in Ebitda in 2024 is entirely attainable.

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