Pernod Ricard gained nearly 1%, supported by an analysis by Berenberg, which renewed its buy recommendation on Friday, while significantly raising its target price of 214,235 euros.
In a research note, the German intermediary discusses the spirits group’s half-yearly publication, which saw it exceed consensus expectations thanks to the strength of its activities in Europe and the United States.
While he notes that Pernod has not released any numerical 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.
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