UBS believes that the strong momentum is continuing, although current multiples appear demanding. The analyst maintains his buy rating on the stock, while raising his target price for it to €280 (from €262) ahead of its Q3 results.

Q3 performance is expected to be solid, although the absence of upgrades and a valuation that is too high relative to other defensive names could limit upside, UBS says.

The group has confirmed its targets for 2026: annual revenue growth of 5%, with an adjusted operating margin of 19%-20%.