Pernod Ricard: Oddo BHF cuts TP

(CercleFinance.com) - Oddo BHF maintains its 'neutral' rating on Pernod Ricard shares, with a target price lowered from E125 to E120.


The analyst reports that H1 24/25 results and conf-call comments have led to a revision of the group's 24/25 and medium-term targets.

Oddo BHF refers to a reassuringly constructive approach which justifies Thursday's share price reaction (+3%) and could at least limit the derating, whose valuation is already very low (14x NTM P/E).

However, the latest results are still not very promising and visibility is low, Oddo BHF points out. We therefore believe that while the downside risk is limited, the prospects for share price appreciation remain weak in the short term, it adds.

Against this backdrop, the broker indicates that it has revised downwards its estimates for FY 24/25, FY 25/26 and the FY 27/28-28/29 period, which explains why it has reduced its target price.


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