Stifel has raised its recommendation on Wavestone from 'hold' to 'buy', with an adjusted price target of €67 to €68, following the publication of quarterly growth that was 'better than expected in a still uncertain economic environment, but without deterioration'.

Moreover, the slightly lower-than-usual organic growth target for next year has the advantage of tempering buyers' expectations, while sellers should slightly raise theirs in absolute terms", the broker believes.

Stifel believes the consultancy is well positioned to achieve EPS growth of 15% in 2024-25, and highlights upside potential of around 30% for the current share price relative to its target price.

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