The analyst believes that first-quarter sales growth is broadly in line with expectations, with currencies and North America likely to be the focus of concern.

UBS reiterates its neutral recommendation on the stock, with a price target of E181, representing a potential downside of -12%.

' The Group's total first-quarter sales of €6,335 million were 1% below consensus (in line with UBSe's estimate), with first-quarter growth of +5.5% (vs. +5.8% for consensus and +5.5% for UBSe). In Q1, Professional Solutions sales were up +4.6% (vs. +5.6%), according to UBS.

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