(News Bulletin 247) – Oddo BHF reaffirms its ‘underperformance’ opinion on Rémy Cointreau, but with a price target raised from 105 to 134 euros, following the integration of the 2030 plan of the wine and spirits group, as well as to update market data.
However, the research department highlights the relative weakness of the sanction which followed the announcement of the 2023/24 guidance and the potential for a continued downward revision of the consensus (up to -5% according to it) after the publication of annual results on June 1.
‘We are confident about the long term, but much less about the momentum of the next 12 months. Indeed, the current normalization could be more negative than anticipated and reduce the 2.5-year advance taken on the 2030 plan at the level of organic turnover, ”he judges.
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