(News Bulletin 247) – Jefferies reaffirms an ‘underperformance’ opinion and a price target of 2,500 Swiss francs on Givaudan, reducing its organic growth forecast for the first quarter of 2023 to 1.1% (or 60 basis points in below consensus).
‘The significant destocking observed in the fourth quarter of last year will not last forever’, estimates the broker as the quarterly publication of the Swiss group of perfumes and aromas, scheduled for April 13, approaches.
“However, we do not expect significant volume improvement sequentially, and with this momentum, we see a risk to the margin consensus,” continued Jefferies, which expects first-half EBITDA 7% below consensus.
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