JPMorgan downgraded FDJ United (LFDJF) to Underweight from Overweight with a price target of EUR 22.50, down from EUR 42. The firm adjusted European leisure ratings as part of a 2026 outlook. JPMorgan is “most constructive” on the outlook for hotels, where it sees a “clear runway” for sector outperformance. The firm’s estimates are below consensus for FDJ.
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