We are changing our rating on GPI to NEUTRAL (from Outperform) following the share price leap, which we think was largely driven by speculative takeover interest. We continue to appreciate the company’s strategic positioning, which is set to benefit from the digitalization of healthcare, with an attractive long-term outlook, but note that its organic growth trajectory remains positive, but broadly unchanged vs previous reports. We increase our TP to €18.6 (from €14.0), mainly due to a 30% control premium (+€4.3) reflecting potential strategic value, while minor fundamental revisions add €0.3. The target has limited upside compared to the current price and implies a 74% premium to the pre-rumour price. In our view, the risk/reward profile is now more balanced, as the market already prices in a significant portion of the potential M&A optionality.