Pernod Ricard: Jefferies downgrades 'buy' rating

(CercleFinance.com) - Jefferies has downgraded its rating on the Pernod Ricard stock from "buy" to "hold," maintaining its target price at 150 euros (vs.
current price of about 140 euros), highlighting “valuation considerations make it hard for us to put fresh money to work”.

"Stronger-than-expected top-line growth is possible, however current growth 5%-6% appears more sustainable than previous peaks (7%-8%)," the broker said in its report.

"Pernod could surprise on margins but top-line growth is the key value driver and management, rightly, will not hold back investment in key battlegrounds," it continued.



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