Barry Callebaut: Stifel trims TP

(CercleFinance.com) - Stifel confirms its Buy rating on Barry Callebaut shares, nudging up its target price reduced from 1,400 CHF to 1,380 CHF.


With Barry Callebaut due to publish its interim results on 10 April 2025, Stifel anticipates a deterioration in sequential volumes in Q2 2025 (quarter ending in February), to -3.0%, after -2.7% in Q1 2025.

The analyst believes that persistently high cocoa bean prices may have delayed orders from food manufacturers.

However, the normalisation of chocolate demand in a context of high inflation leads the analyst to believe that cocoa bean prices will continue to fall from their high levels.

We expect FCF, which has been the main hurdle for shares, to turn positive in 2026 thanks to the reduction in working capital and cost savings, it says.

Against this backdrop, Stifel revises its volume growth estimate for FY 2025 to -1.9% from 1.7% previously, and now models adjusted EBIT of 790m CHF (up +15% at constant exchange rates, reduction of around 2%).


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