Bernstein cuts Elis on concerns around offer on Vestis
** Bernstein downgrades Elis ELIS.PA to "market-perform" from "outperform", saying the French hygiene group's offer on Vestis VSTS.N prompts investment risk concerns
** Expansion in the US makes sense for Elis on the long term, but the current deal presents risks for investors, as positive impact, if any, could take time to materialize, Bernstein says, drawing some parallels with its takeover of British peer Berendsen in 2017
** "Investors did not expect Elis to be aggressive again in the M&A sphere so soon after achieving its deleveraging target," it says
** Elis shares have lost about 22% in value since the preliminary approach was announced last week
** Even if the deal does not happen, Elis' risk profile has degraded, Bernstein adds
** Among 10 analysts covering Elis, 3 rate the stock "strong buy", six "hold" and one "sell"
Reporting by Alban Kacher
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