While maintaining its 'outperform' rating on Eramet, Oddo BHF has lowered its price target from €89 to €85 in line with its estimates, judging that 'headwinds (declining nickel and lithium and rising euro) are piling up'.

While it believes that Eramet should achieve all its production targets for 2023 and expects good production in 2024, the research department judges that commodities remain poorly oriented and sees real downside risks to the consensus.

However, according to Oddo BHF, the metals group has 'a fine medium-term story thanks to the quality of its deposits, and the coming months should be marked by positive triggers (possible withdrawal of SLN, opening of the lithium project in Argentina)'.

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