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Campari: Bryan Garnier still a buyer; cuts target price

(CercleFinance.com) - Bryan Garnier has reinstated its "buy" recommendation on Campari, highlighting a solid end to the year for the Italian wine house, although the broker has trimmed its fair value for the share from 7.
3 euros to 7 euros.

The broker notes accelerating organic sales growth to +6.6% in Q4 2017, as well as a 50-bp organic increase in the group's annual operating margin, while it was only looking for 6.2% and 20 bp respectively.

"Higher investments in marketing and distribution were more than offset by the positive sales mix," Bryan Garnier explains, although the broker has trimmed its target price to reflect a greater negative impact from FX factors and changes in the group's consolidation scope in 2018.

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