Pernod-Ricard: Bryan Garnier still a buyer; adjusts target.
(CercleFinance.com) - Bryan Garnier reiterates its "buy" recommendation on the Pernod-Ricard stock, while raising its corresponding fair value from 120 euros to 123 euros, the day after the wines and spirits group published its annual results, which were penalised by FX factors.
"We were not surprised by the extent of the impact given the recent changes in the USD," the broker said, which believes that the group's operational performance, outlook and deleveraging have all been positive factors.
The broker has reduced its 2017-18 operating profit forecast for Pernod-Ricard by 4%, although integrates a lower-than-expected net debt in its valuation model.
Copyright (c) 2017 CercleFinance.com. All rights reserved.
"We were not surprised by the extent of the impact given the recent changes in the USD," the broker said, which believes that the group's operational performance, outlook and deleveraging have all been positive factors.
The broker has reduced its 2017-18 operating profit forecast for Pernod-Ricard by 4%, although integrates a lower-than-expected net debt in its valuation model.
Copyright (c) 2017 CercleFinance.com. All rights reserved.