Barry Callebaut: Crédit Suisse raises target price
(CercleFinance.com) - Credit Suisse confirms its "outperform" rating on the share, raising its target price to 2,225 Swiss france (from 2,100 Swiss francs).
"We're raising our FY22/23 estimates, which combined with peer multiple expansion, leads to our new TP of SFr2,225," the broker said.
"While leaving our FY20 basically unchanged, we're lowering our FY21 EBIT by ~5%... That said, we're raising our FY22/23 EBIT by +2/+4%".
"We think global chocolate trends continue to recover at a strong pace. Also helped by new contracts, we think there is upside to Food Manufacturing expectations," the broker adds.
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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.
"We're raising our FY22/23 estimates, which combined with peer multiple expansion, leads to our new TP of SFr2,225," the broker said.
"While leaving our FY20 basically unchanged, we're lowering our FY21 EBIT by ~5%... That said, we're raising our FY22/23 EBIT by +2/+4%".
"We think global chocolate trends continue to recover at a strong pace. Also helped by new contracts, we think there is upside to Food Manufacturing expectations," the broker adds.
Copyright (c) 2020 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.