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Campari: Oddo confirms rating and target price

( - Campari has said that its outlook for FY 2020, as given in mid-February, could not be confirmed due to spread of COVID-19 to many markets.

Oddo says that it now expects underlying EBIT to fall by 15% in 2020.

Campari has said that it has no liquidity problems, which (largely) enables it to pay the dividend approved on Friday (this represents a total cash payout of 62.9 million euros), while continuing with its share buybacks announced in February (350 million euros in order to provide for stock option plans that are in place) and to ensure the payment of its forthcoming debt maturities, Oddo says.

Oddo has confirmed its Reduce rating on the share, along with its target price of 7.2 euros (vs. current price of about 6.7 euros).

It adds that the stock has lost 13% since the beginning of February, which it believes is little, in view of its revision to 2020 EPS estimates (-29%), with the integration of its COVID-19 scenario.

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