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Danone: Oddo BHF still a seller - cuts target price

( - On Monday morning an analyst at Oddo BHF confirmed a "reduce" rating on the Danone share, while cutting his corresponding target price from 60 euros to 57 euros.

This new target only suggests limited downside potential of aound 10%.

The broker now expects 2020 EPS to fall by 6.5% (vs. -4%), with a 15% fall in H1, followed by a 2% increase in H2. In addition to the 10% decline in Trading Operating Profit that it expects in H1, Mengniu's expected losses (1/2 of Danone result from equity affiliates) in H1 should weigh on the group's results. It expects 2021 EPS to recover, with growth of +9%. However, assumptions remain very fragile pending the "adaptation plan" that will be announced at the end of 2020, analysts explain.

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