Berenberg on Monday renewed its 'hold' recommendation on Pluxee shares, with a target price of 30 euros, welcoming the recent acquisition of Spanish start-up Cobee.

In a note, the analyst explains that the Spanish meal voucher market is currently under-exploited, with an estimated penetration rate of around 10%, compared with a market average of 25%.

In view of the regulatory risk weighing on the sector, we believe that diversification is fundamental, and see this operation, as well as the expansion in Spain, as a positive element", he adds.

Pluxee is due to publish its results for the third quarter of 2023/2024 on July 3.

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