Stifel has raised its recommendation on Esker from 'hold' to 'buy', leaving its target price unchanged at 175 euros, judging the share's decline of nearly 25% in three months to be 'exaggerated, given the company's fundamentals, growth and operational excellence'.

The broker expects the document dematerialization specialist to post 'solid revenue growth in the first quarter, but weak order intake due to the economic slowdown, particularly in France'.

Stifel nevertheless believes that the slowdown in order intake during 2023 seems to be well integrated into the share price, and that the company has returned to attractive valuation levels.

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