Campari: Oddo BHF cuts TP

(CercleFinance.com) - Oddo BHF maintains its 'underperform' rating on Campari shares while reducing its target price for them from E9.
6 to E8.6, adjusting its model ahead of the Italian spirits house's Q1 results in early May.

The broker now forecasts organic sales growth of +0.9% for this period. It has trimmed its FY 2024 organic growth forecast from +7.2% to +6.2%, and lowered its EPS estimate by 10.5%, expecting it to rise by only around 1%.

Oddo BHF believes that growth should normalise after three good years against a backdrop of lower price effects, and is therefore not sure that investors favour Campari sufficiently to play the spirits sector recovery.


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