Oddo BHF reaffirms its 'outperform' opinion on Bastide, with a price target lowered from 35 to 33 euros, in the wake of an adjustment to its forecasts for the healthcare provider, to take account in particular of rising financial costs.

Bastide is considering allocating its capital to activities with higher margins and better ROCE, including divestments (ostomatherapy or MAD)", notes the analyst, who nonetheless considers that, in the meantime, the stock lacks short-term resilience.

While the multiples appear 'fundamentally low', Oddo BHF warns that 'a specific catalyst is needed (deleveraging would be the most important signal for this)', but that the timing is undoubtedly delicate.

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