(News Bulletin 247) – Oddo BHF remains at ‘underperformance’ on Rémy Cointreau with a price target lowered from 135 to 131 euros, pointing to a BNIC report according to which ‘the return to growth of the cognac market is not scheduled for early 2024 and under certain conditions.
“The adjustment of the topline consensus could continue after the publication of the first quarter 2023/24 sales (25/07/2023) and open the debate on the guidance of stability of the operating margin on a comparable basis”, warns the ‘analyst.
‘In the longer term, the group could lose all its lead on the 2030 strategic plan, which is reflected in our sales estimate which we are lowering to -4% on a comparable basis for 2023/24 against a consensus of -0.7% ‘, he continues.
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