Eurofins Scientific lost almost 1% in Paris this morning, as Jefferies confirmed its 'underperform' rating on the stock, with a target price of 48 euros, citing 'half-year adjusted EBITDA broadly in line with expectations, but weak FCF and reduced guidance for the full year'.

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

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