Stifel is maintaining its 'hold' recommendation and 92 euro price target on Sodexo, ahead of the announcement of the service group's sales for its first accounting quarter, to be released on January 6.

"We expect a solid start to the year, reflecting the continuing positive momentum in on-site services driven by favorable macroeconomic and sectoral winds", says the broker, whose forecasts slightly exceed consensus expectations.

While it also points to a positive outlook for sales in 2022-23, with annual targets that it believes will be reiterated, Stifel is 'struggling to be convinced by the dossier beyond the short term, when the stock is the subject of a buy consensus'.

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