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Pernod-Ricard: Bryan Garnier raises target price

(CercleFinance.com) - Bryan Garnier has confirmed its "buy" recommendation on the Pernod-Ricard share, raising its fair value from 130 euros to 145 euros, seeing a sharp recovery in the wines and spirits group's performance this year.

Based on sales growth in the upper single-digit range in China and India, the broker now expects organic sales growth of 5.6% in 2017-18, representing a significant improvement relative to 2016-17 (+3.6%).

Bryan Garnier deems that this acceleration should continue over the next few years, which is leading it to raise its EPS estimates by an average of 5% over the next five years (to 5.5% higher than the consensus for 2018- 19).

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