UBS initiates coverage of Edenred with a Buy recommendation. ' We initiate coverage of Edenred with a Buy recommendation and a target of 78 E ' says UBS.

In the current inflationary situation, we favor the resilience of Edenred's revenue streams, such as interest income, positive exposure to fuel prices (gross ~+15% from July 1), and employee benefits' adds the research firm.

As a reminder, Edenred now expects to generate 2023 EBITDA in the upper half of the €1,020 to €1,090 million range communicated on July 25, 2023.

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