Barry Callebaut: shares rise after broker upgrade

(CercleFinance.com) - Barry Callebaut shares rose in morning trading on Monday, after Barclays upgraded the Swiss chocolate maker from "equal weight" to "overweight.
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"Barry Callebaut's first CMD for four years has reassured us that mid-term guidance is built on solid foundations," the broker said, raising its target price from 1830 Swiss francs to 2100 Swiss francs.

Barclays said the group's strong growth and recovery in cocoa margins in recent years are "impressive," and that they are set to continue.

In the note, the broker wrote that it is convinced that that the company's mid-term guidance is still "achievable," even if markets become more difficult.

The upgrade helped to lift the stock, which is currently up 1.4% at 1,846 Swiss francs, outperforming a 0.1% rise in Zurich's blue-chip index SMI.

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