Deutsche Bank has raised its recommendation on Euronext from 'hold' to 'buy', with a price target raised from €83 to €104, judging that 'its underperformance relative to peers and the market now creates a compelling opportunity'.

'Sales growth is accelerating, and the Group should highlight its improved business mix and structural growth profile at its November investor day', stresses the broker, who raises his forecasts.

An acceleration in growth this year and more ambitious medium-term targets should also lead to an increase in value', it continues, while pointing to a larger-than-usual discount to its global peers.

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