On Tuesday, Bernstein upgraded its opinion on Eurofins Scientific shares from 'underperform' to 'perform in line with the market', with a target raised from 45 to 53 euros.

In a research note, the research firm refers to a better-balanced risk/reward profile following the share's fall since the start of the year, a decline that neither third-quarter results nor the recent investor day have managed to stem.

From Bernstein's point of view, the bio-analytics specialist's share price now incorporates earnings forecasts that can be considered 'very cautious'.

While he stresses that his main concerns remain - preventing him from being more positive on the stock - the analyst says he perceives limited downside potential given current share price levels.

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