Stifel has reaffirmed its 'buy' recommendation on Française des Jeux (FDJ), with a price target raised from €38 to €44, saying it appreciates the proposed acquisition of Kindred, which it believes 'ticks all the boxes, both strategically and financially'.

We believe that FDJ is ready to become a serious challenger in the European online gaming market, and that this operation will have a positive impact on growth and profitability, while leaving FDJ with a solid balance sheet", the broker believes.

Stifel raises its 2023 estimates by around 5% and leaves its 2024 projections largely unchanged. Its estimates for 2025 increase by around 30% due to the inclusion of Kindred from that date.

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