Pernod Ricard: Stifel still on hold, cuts TP

(CercleFinance.com) - While maintaining its "hold" rating on Pernod Ricard shares, Stifel has lowered its target price for them from E202 to E185, after making a 5% average cut to its 2024-26 EPS estimates for the French spirits group.


"FY24 started on a soft note on the back of caution in wholesale that is taking less inventory on hand as a consequence of weak macro and pressure on consumers' disposable income," the broker points out.

Stifel expects Q1 to put pressure on investors' perception of annual targets, although does not expect Pernod Ricard to change its full-year outlook, which will depend on an acceleration in H2.


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