Ayvens (ALD's new name following the acquisition of LeasePlan) is down nearly 5% after the mobility services group reported a 28.9% drop in net income (group share) to 226.2 million euros for the third quarter of 2023.

In particular, it reported a higher cost-to-income ratio (excluding used car sales) of 61.1%, compared with 57% a year earlier, and a stable margin on rental and service contracts on a comparable basis.

Following this quarterly publication, which is 'below its expectations and those of the consensus', and saying that it is 'much more cautious than the consensus' for 2024, Oddo BHF has downgraded its opinion from 'outperform' to 'neutral', with a price target reduced from 17 to six euros.

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