Oddo BHF maintains its 'outperform' rating on Sodexo shares, with a price target raised from 113 to 118 euros.

Sodexo reported Q3 23 sales in line with expectations, including slightly better-than-expected organic growth (10.5% vs. consensus of 9.8%).

In addition, "Sodexo was positive on the outlook for Q4 and the start of 2024", reports the analyst.

Nevertheless, the maintenance of the 2023 guidance may seem disappointing and slightly conservative given the increase in expectations at Pluxee (ex-BRS), with Sodexo anticipating growth in excess of 20% vs. 20% previously, the analyst believes.

We are marginally adjusting our estimates to take into account the publication of Q3 figures, recent currency effects and the adjusted guidance on Pluxee", concludes the broker.

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