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Rémy Cointreau: Jefferies still buys, but cuts TP

( - Jefferies reaffirms its 'buy' recommendation on Rémy Cointreau shares, albeit with a target price reduced from E120 to E110, after the broker's 5% reduction in its earnings expectations for FY 2026.

In its summary, the broker explains, "we trim F26 org sales for cognace from +8% to +5% given uncertainty of recovery in China".

However, Jefferies maintains its view that cognac will recover in the medium term, and Remy will see a recovery alongside that. "Shares are trading on 2.5x inventory value vs F10-22 4x", it adds.

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