Pernod Ricard: Bryan Garnier ups target price
(CercleFinance.com) - Bryan Garnier has reinstated its "buy" recommendation on the Pernod Ricard stock, having raised its fair value from 153 euros to 156 euros, after a meeting that "clearly strengthened our confidence in the group's position in Asia, and more specifically in China".
The broker reports that Pernod Ricard's sales in China grew by 19% in organic terms over the first nine months of the year, up sharply compared to last year, with the price-mix environment improving.
"As a consequence, we should an acceleration of the operating leverage from 2018/19," Bryan Garnier says, which has raised its estimates for operating profit by an average of 2% for the wines and spirits giant over the next three years.
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The information and analyses distributed by Cercle Finance are only intended as decision-making support for investors. Cercle Finance's responsibility may not be entailed, either directly or indirectly following the use of such information and analyses by readers. Any non-professional investor is recommended to consult a professional advisor before making any investment decision. This indicative information in no way constitutes any invitation to sell or buy securities.
The broker reports that Pernod Ricard's sales in China grew by 19% in organic terms over the first nine months of the year, up sharply compared to last year, with the price-mix environment improving.
"As a consequence, we should an acceleration of the operating leverage from 2018/19," Bryan Garnier says, which has raised its estimates for operating profit by an average of 2% for the wines and spirits giant over the next three years.
Copyright (c) 2018 CercleFinance.com. All rights reserved.
The information and analyses distributed by Cercle Finance are only intended as decision-making support for investors. Cercle Finance's responsibility may not be entailed, either directly or indirectly following the use of such information and analyses by readers. Any non-professional investor is recommended to consult a professional advisor before making any investment decision. This indicative information in no way constitutes any invitation to sell or buy securities.