While maintaining its 'neutral' position on Alten, Invest Securities has lowered its target price from 142 to 136 euros, in line with its 2023 estimates (-5% at NBI level) following a first-half publication that was 'disappointing without being catastrophic'.

While acknowledging that the share's decline (-11% over three months) allows potential to be reconstituted, the analyst points to unfavorable short-term momentum (low visibility on organic growth, margin still under pressure in the second half).

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