(CercleFinance.com) – Credit Suisse announced Thursday that it has raised its opinion on Pernod Ricard from ‘neutral’ to ‘outperforming’ with a price target set at 230 euros.
In a note devoted to the European drinks sector, the research department explains that it has decided to revise downwards its estimates of results on the major players in the market due to the rise in the dollar and the increase in financing costs.
Regarding Pernod, which it makes its preferred value (‘top pick’) within the spirits segment, Credit Suisse highlights the potential linked to the restructuring of its portfolio in the United States, the reduction of customs duties on whiskey in India and the reopening of the Chinese economy.
More generally, the analyst notes that the European drinks sector has devalued by 10% against consumer values in 2022, while he expects it to show resilience in 2023 thanks to the price increases and the good performance of emerging markets and the United States.
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