(CercleFinance.com) – UBS reiterates its advice to buy the stock with a target price of 555 Swiss francs after the announcement of an annual turnover down 2% to 3.39 billion francs Swiss, but up 4.8% in local currencies.
The analyst estimates that sales for the 4th quarter of 2022 are well below expectations.
“Germany and Eastern Europe were the main drivers of the strong organic decline in the 4th quarter, with volumes down ~20% at group level,” UBS said.
“The fall in volumes is due to destocking and not to the deterioration of market conditions, but comparisons remain difficult in the first half,” adds the analysis office.
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