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Danone: Oddo downgrades stock

( - Danone has said that it is now looking for FY 2019 sales growth of between 2.
5% and 3% on a comparable basis (previously around 3%), with an underlying operating margin of over 15% (unchanged).

Following the group's sales warning, Oddo has downgraded its rating on the share from buy to neutral, with a target price of 88 euros.

The agri-food group announced Q3 sales of 6.4 billion euros, up 3.7% as reported and up 3% like-for-like. The consensus was expecting 3.8% and Oddo was looking for 4.2%.

Oddo points out that Specialised Nutrition is performing even better than expected, although numbers for Danone's Waters and Dairy businesses are much lower.

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