Lindt & Sprungli: UBS still a buyer

(CercleFinance.com) - UBS considers L&S results to be solid and underlines the confirmation of the outlook.
Volumes are picking up slightly, with the group is off to a good start in 2024.

The analyst remains Buy on the stock, with an unchanged target price of 125,500 Swiss francs, representing a 16% upside potential.

"Overall sound results and outlook, only small negative is the volume/mix decrease in H2 over H1 23 but other points overcompensate we think", the broker says.

The company is well placed to increase its margins in 2024E, despite the peak in cocoa prices, UBS adds.

For 2024, Lindt & Sprüngli expects organic sales growth of 6%-8% and a 20bp-40bp increase in its operating margin.


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