(News Bulletin 247) – Seeing only limited catalysts in the file, Stifel reaffirms its recommendation to ‘hold’ on Pernod Ricard with an adjusted price target of 210 to 202 euros, mainly on exchange rate effects, the day after the annual results .

The broker notes that the underlying operating margin came out higher than expected, when adjusted for currency and perimeter effects, and that the tone of management was confident about profitability for the year just beginning.

According to Stifel, the main negative element of the annual publication came from management’s point on China, ‘with struggling on-trade activity and an expected decline in sales in its first quarter of 2023-24’.

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