(BFM Stock Exchange) – The group of spirits badly takes a degradation of Barclays which goes from “online weighting” to “under -ponder”. The vagueness around customs treatment targeting the sector after the agreement between the United States and the European Union does not help either.

On Friday, Rémy Cointreau had reassured the markets by revealing the start of the year above expectations thanks to very strong growth in cognac sales in the United States. The group had noted its annual profitability objective in the process to integrate lower costs on Chinese customs surcharges.

These announcements had hit the bull’s eye. On the Paris Stock Exchange, Rémy Cointreau had rebounded more than 8% on Friday July 25, bringing his earnings to more than 40% over a month. This reassuring publication, however, did not pack Barclays, which still issues reservations on the file.

Opposite winds that persist

The British bank degraded its opinion on Monday, July 28, July 28, to pass it from “online weighting”, to “sub-ponder”. This amounts to going from “neutral” to “sell” in the terminology of Barclays. The price objective is set at 45 euros, which underlies a drop potential of almost 28% in Friday (62.35 euros).

Barclays notes that Rémy Cointreau returned to growth in the last quarter in a favorable macroeconomic environment. However, the design office reports that winds are persisted in the cognac industry and therefore believes that the recent increase in the title is not justified in his eyes.

The design office highlights major problems such as a strong promotional activity to capture new customers and a two -digit “selling” Cognac sales “. He quotes the Nielsen data which indeed shows a decline in value in value.

In the United States, Cognac Premium faces competition from other spirits like Tequila Résdado. China, which is the other flagship market in Rémy Cointreau, also remains a reason for concern for Barclays given the economic situation in the country.

This more negative opinion of Barclays lowers the action which restores 3.3% in the early afternoon to the Paris Stock Exchange.

Details on alcoholic products

The title can also suffer from a certain ambiguity on the American-European agreement on customs duties. The customs spell on alcoholic products must be decided “in the coming days,” said Ursula von der Leyen.

TP ICAP Midcap has also emerged from its silence on the file. The design office resumed this Monday morning the coverage of Rémy Cointreau to “keep” with a price target of 67 euros, which grants an increase of 7% on the basis of Friday course.

The design office recalls the start of the year of Rémy Cointreau marked the return to growth after eight consecutive quarters withdraw since early 2023.

However, the design office indicates that the annual growth objective of the cognac specialist requires a turnover in organic decrease in consumption and on all geographies.

China remains in a constrained consumption environment and will be penalized by the occurrence of a mid-autumn (Moon Festival, which takes place in October, editor’s note) late festival generating an unfavorable calendar effect, he explains.

Depitutions (in clear sales of spirits of spirits sold by a wholesaler to a distributor, the demand downstream, as opposed to the sales of Rémy Cointreau to a wholesaler, editor’s note) in the United States still poorly oriented and the change of distributor in California (September 1) augrate from a quarter in the United States back, “warns the strategist Sarah Thirion in charge ICAP Midcap.

“It takes a century and four generations of cellar masters to make a carafe of Louis XIII, it will be necessary to wait a quarter still to be able to see gradually normalize the achievements of Rémy Cointreau,” adds the market specialist who now hopes for a lasting return to organic growth from the second half of 2025-2026.