Pernod Ricard: Deutsche Bank still on hold, cuts TP

(CercleFinance.com) - Deutsche Bank maintains its 'hold' recommendation on Pernod Ricard, with a target price reduced from E127 to E120 (cp: E131, -0.
2%) the day after the spirits group published its FY 2024 results, which the broker considers 'mixed'.

With limited visibility and a number of headwinds in the end market, we expect the company to fall short of forecasts in terms of growth, it judges regarding the outlook for FY 2025.

Deutsche Bank has reduced its below-consensus organic sales growth estimate from +1.2% to -0.2%, leaving it to expect a -2.3% organic decline in operating profit, with its organic margin assumption broadly unchanged.


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