Pernod Ricard: Stifel lowers target price

(CercleFinance.com) - Maintaining its 'hold' recommendation on Pernod Ricard shares, Stifel has lowered its target price from E138 to E132, continuing to prefer its peer Diageon, which has a more relevant portfolio for the US market and less direct exposure to China.


The lack of visibility for 2026 is more noteworthy than the limited revision of earnings forecasts for 2025, the broker says, in the wake of the French spirits group's H1 results, which include revised forecasts for the coming years.

Stifel also points out that, while Pernod expects customs duties to have a E200m impact on EBIT (two-thirds from China and one-third from the US), its management expects to offset around half of this impact.


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