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Givaudan: Jefferies still steering clear

( - Jefferies maintains its "underperform" rating on Givaudan shares, along with its target price of 2,500 Swiss francs, reducing its organic growth forecast for Q1 2023 to 1.
1% (60 bp below consensus).

"The significant destock observed in Q4 of last year will not last forever," the broker said ahead of the Swiss fragrance and flavour group's quarterly publication, scheduled for 13 April.

"However, we do not expect a meaningful improvement in volumes q/q, with this momentum, we see risk to consensus margin expectations," Jefferies adds, which expects H1 EBITDA to be 7% below consensus.

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