(News Bulletin 247) – UBS confirms its neutral advice on value and lowers its price target to E188 (vs. E199) after the announcement of the results for its 2022-23 financial year.
UBS points out that organic growth is above consensus, but EBIT and EPS are lower.
“We remain cautious on large cap spirits after a mixed earnings season, and continue to prefer Campari in the spirits sector,” the analysts said.
“We expect a negative reaction following this publication and a worse than expected start to the year in China, which raises concerns,” adds UBS.
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