(CercleFinance.com) – Deutsche Bank on Wednesday reduced its price target on Rémy Cointreau shares from 105 to 100 euros before the publication of turnover for the third quarter of 2023-2024, scheduled for January 26.
The analyst – who maintains his ‘hold’ recommendation on the stock – says he expects an organic decline in turnover of 25.3% over the quarter, including a decline of 36.6% for cognac due to of the destocking taking place in China.
He expects the group to maintain its forecast of a 15% to 20% decline in organic activity over the entire financial year, for a controlled contraction in the current operating margin.
However, according to Deutsche, performance at the end of the financial year is expected to be at the lower end of the expected range, which should result in a sharper decline in operating margin than expected.
The intermediary thus says it expects an organic decline in turnover of 19.8% over the entire 2023/2024 financial year, accompanied by a decline of 28.2% in the current operating margin, again in organic data.
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