(News Bulletin 247) – Berenberg announced on Tuesday that it had raised its target price on Tonnellerie François Frères (TFF) from 46 to 53 euros, while renewing its buy recommendation on the stock.
In a research note, the financial intermediary welcomes the “excellent” annual results for 2022/23 published last week by the manufacturer of oak barrels, which – he recalls – had already raised its annual objectives twice.
Despite this, the group managed, with its turnover for the year, to exceed the consensus established by analysts by 5%, he notes in the study.
“We believe this performance reflects the strong current trends in terms of volumes in its main markets (wine and bourbon), but also the price control it has,” said Berenberg.
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