Stifel confirms its Buy rating on SES-imagotag shares, with an unchanged target price of 190 euros.

The analyst points out that the quotation of the world specialist in electronic labels was suspended yesterday after the publication of a Gotham City Research report attacking SES-imagotag on several points.

Stifel states that it was not convinced by the arguments put forward, whether concerning the activity, the business model or the Walmart contract.

Thus, 'we believe that SES-imagotag's strategy and business model remain totally relevant'. As for the Walmart contract, "even without the details, we have enough elements to consider it profitable", adds Stifel.

The analyst admits only that he is not in a position to comment on the suspicions of accounting irregularities raised by Gotham City Research.

"We are not the group's auditors. Therefore, in the absence of any further information, we assume that the accounts certified by the auditors are accurate, and our recommendation and price target therefore remain unchanged', concludes the analyst.


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