(CercleFinance.com) – Pernod Ricard gained nearly 1%, supported by an analysis by Berenberg, which renewed its buy recommendation on the stock on Friday, while significantly raising its price target from 214 to 235 euros.
In a research note, the German intermediary looks back on the spirits group’s half-yearly publication, which saw it exceed consensus expectations thanks to the strength of its business in Europe and the United States.
While he notes that Pernod has not released any quantified forecasts, Berenberg stresses that the company expects a continuation of its growth momentum in the second half, accompanied by an improvement in its margins.
The analyst also welcomes the announcement by the French group of an increase in its share buybacks, which will increase to 750 million euros over the current financial year, against 250 million previously.