(CercleFinance.com) – Stifel maintains its ‘hold’ recommendation and its target price of 200 euros on Pernod Ricard, the day after the announcement by the spirits group that it was going to increase its stake in Sovereign Brands.
“In our coverage of European spirits, Pernod Ricard has the lowest exposure to the American market,” points out Stifel, for whom this underexposure and the negligible exposure to tequila were two structural setbacks for organic growth.
Stifel is now waiting for the publication of the turnover on October 20. “We believe the sales momentum has remained strong, with an organic sales growth forecast of 10.4%,” he said.
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