Jefferies confirms its 'underperform' rating and €48 price target on Eurofins Scientific, citing half-year adjusted EBITDA broadly in line with expectations, but weak FCF and reduced full-year guidance.

Despite lower expectations, the broker continues to see risks to the FCF and full-year earnings consensus, and considers the risk/reward ratio unattractive. It is reducing its expectations by around 3% for EPS and around 10% for FCFF.

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