Stifel is maintaining its Buy recommendation on Sword Group shares, and its target price at 60E.

Sword Group's sale of its IT outsourcing subsidiary is noted by the analyst: 'In financial terms, this sale leads us to revise our EPS slightly downwards, but does not fundamentally alter our valuation of the group'.

For Stifel, Sword 'which should continue to post organic growth of over 15% over the next few years', remains 'extremely well managed and should continue to benefit from its ongoing M&A activities'.

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