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Rémy Cointreau: Berenberg cuts target price

( - Berenberg maintains its "hold" rating on the Rémy Cointreau share, although has cut its corresponding target price from 124 euros to 116 euros, in the wake of a further 5.
5% reduction in its earnings estimates for the wine and spirits group.

"In the run-up to the Chinese New Year on 25 January 2020, the latest cognac shipment data from the Bureau national interprofessionnel du cognac (BNIC) confirm a further deterioration in growth in Asia generally," the German broker says.

It says that the latest BNIC data suggests that the trends are even worse than it feared, "potentially amplified by the intensification of the protests in Hong Kong".

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