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Rémy Cointreau: Credit Suisse downgrades rating

(CercleFinance.com) - Credit Suisse has downgraded its rating on the Rémy Cointreau share from "neutral" to "underperform," having cut its corresponding target price from 107 euros to 86 euros, after the group cut its 2020-22 EPS estimates by 7%-11%, to levels that on average are 13% below the consensus.


"Asia will be significantly impacted over the next couple of quarters following COVID-19, however at this stage we think the issue is largely transitory," the analyst says, who also focuses on the recent US weakness.

"Our analysis of the competitive landscape and distributor checks suggests the problems could be deeper than just distortions from phasing of competitor price increases," the broker adds.


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