(Boursier.com) — Another difficult session for the spirits groups listed in Paris: Remy Cointreau lost 2.7% and Pernod Ricard lost 1.3%. BNP Paribas Exane warned that it is still too early to take a positive attitude towards the sector and reiterated its preference for beer brewers. The analyst sees downside risks to consensus earnings estimates for most of the beverage stocks he covers, “particularly in spirits.” Valuations for spirits companies “look tempting”, but the broker warns that trends in the US are “alarming” and there are significant risks to distillers’ estimates.
BNP Paribas Exane lowers the cursor to Remy Cointreau from 122 to 115 euros but remains to ‘outperform’. It remains ‘neutral’ on Pernod Ricard with a target of 148 euros.
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