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Pernod Ricard: Berenberg still says 'buy' - ups target price

(CercleFinance.com) - Berenberg reinstates its "buy" rating on the Pernod Ricard share, while raising its target price from 204 euros to 208 euros (almost 30% upside), pointing out that in FY 2019, the group "delivered solid expansion in organic margins (of 77bp) for the first time since 2013".

"Even though this was ahead of mid-term guidance of 50-60bp, we argue that this pace of margin expansion is not only sustainable in the coming three years, but can even be accelerated," says the broker, which has raised its forecasts to reflect this.

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