(News Bulletin 247) – Oddo BHF reaffirms its ‘outperformance’ opinion and its price target of 64 euros on Danone, judging that ‘with a 2023 PE of less than 16 times, the potential for rerating remains significant from the perspective of a continued refocusing on the core business’.
Highlighting a reassuring message from the agri-food group on the second quarter, the research department raises its forecasts to expect organic growth of +5.7% over this period, with +8.4% in price and -2.6 % by volume/mix.
Oddo BHF is nevertheless revising down EPS forecasts for 2023 and 2024 (then beyond), due to more negative currency effects and an increase in its forecast for financial expenses. In the end, he anticipates an EPS of +1% over 2023, including +2% in the first half.
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