Esker plunges nearly 9% on the back of a recommendation downgrade by Stifel from 'buy' to 'hold', despite a price target raised from €155 to €175, the broker pointing out that the stock is already trading at more than 50 times expected EPS for 2023.

If, in the absence of a new catalyst, Stifel downgrades its position following solid 2022 figures, it believes that the stock still has the potential to double in value over the next three to five years, pointing to an "exceptional growth/quality ratio".

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