Rémy Cointreau: Jefferies cuts TP
(CercleFinance.com) - Jefferies has confirmed its 'buy' recommendation on Rémy Cointreau with a target price lowered from E105 to E90 (cp: E60, -0.
5%), maintaining its view that cognac will recover in the medium term and that the group will see a recovery alongside this.
The broker has reduced its organic sales and EBIT estimates for FY 2025 from -4.6% and -6.9% respectively to -13% and -20.6%, with the recovery postponed until FY 2026.
While visibility on the precise timing of the recovery is poor, measures to revitalize VSOP in the US and low on-trade exposure in China give us more confidence in a recovery from here on in, it says.
Copyright (c) 2024 CercleFinance.com. All rights reserved.
The information and analyses distributed by Cercle Finance are only intended as decision-making support for investors. Cercle Finance's responsibility may not be entailed, either directly or indirectly following the use of such information and analyses by readers. Any non-professional investor is recommended to consult a professional advisor before making any investment decision. This indicative information in no way constitutes any invitation to sell or buy securities.
The information and analyses published by Cercle Finance are intended solely as a decision-making aid for investors. Cercle Finance cannot be held responsible, directly or indirectly, for the use of information and analyses by readers. Uninformed investors are advised to consult a professional advisor before investing. This information does not constitute an invitation to sell or a solicitation to buy.
5%), maintaining its view that cognac will recover in the medium term and that the group will see a recovery alongside this.
The broker has reduced its organic sales and EBIT estimates for FY 2025 from -4.6% and -6.9% respectively to -13% and -20.6%, with the recovery postponed until FY 2026.
While visibility on the precise timing of the recovery is poor, measures to revitalize VSOP in the US and low on-trade exposure in China give us more confidence in a recovery from here on in, it says.
Copyright (c) 2024 CercleFinance.com. All rights reserved.
The information and analyses distributed by Cercle Finance are only intended as decision-making support for investors. Cercle Finance's responsibility may not be entailed, either directly or indirectly following the use of such information and analyses by readers. Any non-professional investor is recommended to consult a professional advisor before making any investment decision. This indicative information in no way constitutes any invitation to sell or buy securities.
The information and analyses published by Cercle Finance are intended solely as a decision-making aid for investors. Cercle Finance cannot be held responsible, directly or indirectly, for the use of information and analyses by readers. Uninformed investors are advised to consult a professional advisor before investing. This information does not constitute an invitation to sell or a solicitation to buy.