Barry Callebaut: UBS reduces target price

(CercleFinance.com) - UBS believes that the price of cocoa beans has an impact on the company's fundamentals, but this is already taken into account.


The analyst confirms his Neutral recommendation on the stock, but lowers his target price to 1100 CHF (from 1590 CHF). This new target still represents 6% upside potential for the stock.

Our baseline scenario is that cocoa bean prices will fall again, which should provide some support for investor sentiment, even if certain challenges remain, UBS says.

The group now expects sales volumes for its 2024-25 financial year to fall by a low single-digit percentage.

Since the start of the financial year, cocoa bean prices have accelerated considerably, penalising market prices and demand, the group says, which nevertheless confirms that it is targeting double-digit growth in recurring EBIT at constant exchange rates.


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