Stifel has downgraded its recommendation on Freelance.com from 'buy' to 'hold', believing that its price target, lowered from eight to 7.20 euros, leaves 12% upside potential 'too modest for a little-traded share'.

Following the company's business update, the broker believes that we are heading for a stronger slowdown in 2023 than initially estimated, which leads him to further reduce his forecasts, by 4% on revenues and 17% on EPS for 2023.

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