Rémy Cointreau: UBS downgrades to neutral

(CercleFinance.com) - UBS believes that sales were higher in Q4 and notes an improvement in exchange rates, although underlying trends remain weak.
The analyst remains neutral on the stock with an unchanged target of E107, which represents 17% upside potential.

"Q4 sales beat... However, underlying trends remain soft in US and China, all eyes on FY25 outlook".

A cautious near-term outlook for the US and China suggests that sharp organic revenue declines could persist in H1, and that operating leverage could be challenging in FY 2025, UBS adds.


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