Dufry: Stifel raises TP

(CercleFinance.com) - While raising its target price from 40 CHF to 45 CHF, Stifel maintains its "hold" recommendation on Dufry shares, explaining we "lack a more compelling valuation to lead us adopt a more positive stance" on the dossier.


Commenting on the duty free retailer's latest quarterly results, the broker considers the stock's reaction "somewhat harsh in the context of the solid set of results and the shares' YTD underperformance".

"We think the solid execution could ultimately bring positive surprise to the margin trajectory into H2-23 and FY24 given the current cautious expectations", it adds.


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