Intred SpA: Strong Market Position and Growth Potential Justify Buy RatingWe have trimmed our top-line and EBITDA estimates by roughly 3%, reflecting a more sustainable 4Q trajectory given current visibility. BUY confirmed; target still €16.0. After a solid 9M, company prospects are closely linked to the brand repositioning effort launched last year, the phasing-out of the top-line contribution from the company’s ability to rapidly unlock cost synergies from Connecting Italia, aligning its margins with Group levels. In the meantime, we believe the company is well placed to seize opportunities for differentiation in adjacent sectors. The DC opportunity stands out, as it requires no significant CapEx, is perfectly synergistic with existing operations, and offers high, long-term visibility on revenues, strong profitability once capacity saturation is reached, and an IRR in low 20s.