Recommendation and upside We are initiating coverage on Bastide Group (market cap. of €174m and a free float of 44.79%) with a ADD recommendation and a target price of €26.7 (c. 12% upside). Our upside is driven by the company’s high revenue growth in a dynamic sector, the decrease in cost of borrowing, the increase in margins and the highly growing shareholders’ return. The stock has risen strongly since April to reach its all-time high (€23.25) in early August, and despite this important upsi ....