Downgrades Highlight Risk

Fair‑value estimates have been trimmed from €40.04 to €38.74, and many price targets cluster around €34. This reflects a split view: some analysts see alignment between the stock and refreshed assumptions, while others flag execution risk. Adjustments to revenue growth, net‑profit margin, and future P/E, combined with a lower discount rate, underpin the downgrade. Hold ratings such as Berenberg’s €34 target persist, but downgrades indicate that investors should weigh growth potential against execution challenges.