Stifel maintains its Buy rating on SII shares, with a price target reduced from 64 to 60 euros.

The analyst reports that the company's half-year results have prompted him to provide an update on the stock: 'we think it's appropriate to come back to the deceleration in Poland, a subject which we feel has been somewhat neglected by the market'.

According to Stifel, this deceleration is not structural, but still significant enough to warrant a strategic review of the Group.

One strategic option would be to acquire the R&D outsourcing company Expleo. Ardian, its private equity owner, is looking to sell Expleo, and we ultimately see it as a good fit for SII' concludes the broker.

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