Euroland initiated coverage of Deezer shares on Thursday, with a fair value of just under three euros per share.

In a research note, the brokerage firm points out that the pioneering music streaming platform, founded in 2007, now enjoys strong positions in France, where it is number two in the market, and in Brazil, where it is the third-largest player in the sector.

While Euroland believes that the company now enjoys a 'central' position within the segment, its analysts also consider that it is well positioned to accelerate in its market.

With a renewed management team, the group has set itself concrete targets for the coming years", they emphasize, pointing out that the company is aiming for significant annual growth over the next three years

Deezer is also targeting positive cash flow generation in 2024 and positive adjusted EBITDA in 2025, they add.

For the current financial year, Euroland expects sales of €492.8 million, representing growth of 9.2%.

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