Pernod Ricard: Bryan Garnier ups target price
(CercleFinance.com) - Bryan Garnier has reinstated its "buy" recommendation on the Pernod Ricard stock, having raised its fair value from 153 euros to 156 euros, after a meeting that "clearly strengthened our confidence in the group's position in Asia, and more specifically in China".
The broker reports that Pernod Ricard's sales in China grew by 19% in organic terms over the first nine months of the year, up sharply compared to last year, with the price-mix environment improving.
"As a consequence, we should an acceleration of the operating leverage from 2018/19," Bryan Garnier says, which has raised its estimates for operating profit by an average of 2% for the wines and spirits giant over the next three years.
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