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Danone: Oddo confirms rating before AGM

( - Danone has announced that it will holding its AGM behind closed doors on 26 June, while confirming the payment of its FY 2019 dividend (2.
10 euros in cash), the 30% reduction in CEO E. Faber's fixed remuneration over the second half of 2020, along with the proposal to adopt the legal framework of "Entreprise à Mission" at the AGM.

Oddo confirms its Reduce recommendation on the share, with a target price of 60 euros.

However, Oddo says that Danone's maintaining of its dividend payment (+8.2% compared to 2019) is a very reassuring signal to shareholders.

The broker believes that the group's proposal to adopt the legal framework of "Entreprise à Mission" is probably the most important announcement for the long term.

The adoption of this legal framework shows that Danone wants to remain at the forefront of Socially Responsible Investment (SRI). However, cynically, the broker is tempted to say that it is increasingly difficult to stand out from the pack in a world where more and more listed groups are pursuing an SRI approach, it adds.

The Danone share is pretty flat this morning (+0.3% et 62 euros at just after 11 am).

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