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Remy Cointreau: Credit Suisse reduces target price

( - Credit Suisse reinstates its "underperform" rating on Rémy Cointreau shares, while lowering its target price for them to 190 euros (from 200 euros), "given greater results and sentiment swings" in other stocks in its coverage.

The broker has acknowledged a positive outlook for 2023, with "Strong underlying trends in US/Europe; low levels of inventory following strategic management in Q4 and strong price increases supports double-digit topline and earnings growth in FY23".

"China will negatively impact Q1, however will likely rebound quickly given signs of revenge spending," Credit Suisse adds, raising its 2023 EPS estimate for the spirits group by 2%.

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