Teleperformance downgraded to Neutral from Buy at Citi

Citi analyst Marc Van’T Sant downgraded Teleperformance (TLPFY) to Neutral from Buy with a price target of EUR 50, down from EUR 97. After meeting with new CEO Jorge Amar, the firm expects the company to prune its portfolio in Specialized Services, but retain its Core Services footprint. The firm maintains its 2026 forecasts, but lower its 2027 EBITA view by 5% as it assumes lower margins from increased competitive pressures, adding that “low peer group valuations” also factor in its downgrade.