Pauli has published a new company report on Atria. 
In our view, the threat of inflation caused by the war in Iran could weaken the food industry’s profitability over a 1-2 year horizon. Atria has issued upward-trending earnings guidance for 2026, which we still considered relatively low-risk back in February, but as inflation intensifies, uncertainty around the guidance could also grow. We made small downward adjustments to our short-term forecasts, which, together with the risen share price, weighs on the stock’s risk-reward ratio. We downgrade our recommendation to Reduce (prev. Accumulate) and our target price to EUR 18.5 (prev. EUR 19.0).