(CercleFinance.com) – Deutsche Bank reiterated on Monday its buy recommendation and its target price of 13.7 euros on Campari despite the significant outperformance posted by the stock since the start of the year.
In a research note, the analyst estimates that Campari currently has an envelope of some 30 billion euros in order to carry out a possible acquisition financed in cash.
As such, the intermediary says he is considering several candidates whose activities he considers complementary to those of the ‘king of the spritz’, such as the Scottish Edrington, the French Rémy Cointreau, the British William Grant or the Mexican Becle.
While acknowledging that it is difficult to anticipate the timing or terms of a possible acquisition, Deutsche Bank argues that the market does not currently attribute any value to the scenario of a potential accretive buyout, nor even to the continued vigor of the Italian group’s activity.
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