(Boursier.com) — Danone stands at 59 euros this Friday morning, still supported by its good start to the year. The agri-food giant has in fact published a quarterly net turnover of 6.789 billion euros, up 4.1% on a comparable basis, with a volume/mix up +1.2% and a price effect up +2.9%.
“We are having a good start to the year, evidenced both by quality growth and the continued implementation of Renew Danone,” said general manager Antoine de Saint-Affrique. Management reiterated its 2024 objectives, i.e. like-for-like revenue growth of between +3% and +5% and a “moderate” improvement in current operating margin…
Among the latest broker opinions, Deutsche Bank retains Danone with a target raised from 55 to 57 euros, while Stifel remains a buy with a target which increases to 72 euros. “Danone presented a solid start to the financial year, although composed slightly differently from what we had initially planned, but in line with what was mentioned during the last contacts with management a few weeks ago,” says Stifel (‘ purchase’). From these results, the broker concludes that the dynamics observed in the second half of 2023 are intact and that the EDP segment should rebound in the coming quarters.
For its part, Oddo BHF reiterated its ‘outperformance’ opinion with a target of 64 euros. “The confident tone that ‘everything is going as planned’ in the press release is supported by the delivery in key areas,” Jefferies finally believes. The lack of any mention of a share buyback suggests the company could consider acquisitions to address its weaknesses this year, according to the broker.
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