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Rémy Cointreau: Crédit Suisse still a seller

( - Credit Suisse reinstates its "underperform" rating on the Rémy Cointreau share, while raising its target price from 96 euros to 115 euros, after the wine and spirits house raised its 2020-22 EPS estimates by 2%-3%.

"Improving momentum, share price outperformance overdone: Improving near-term trends in China and the US ought to compensate for a prolonged weakness in the rest of the world, such that Remy's topline is in a position to stabilise in Q2 and return to growth in H2," the broker says.

However, with the stock returning to its September 2019 peaks, the broker believes that its 40% outperformance relative to its sector since the start of 2020 is "overdone," which explains why it prefers Pernod Ricard amongst the spirits stocks that it monitors.

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