While reiterating its 'buy' opinion on AdVini 'in view of its value character', Invest Securities has lowered its target price from €25 to €24, believing that 'uncertainty remains as to whether momentum will improve rapidly'.

'The expected rebound in business in the second half of 2023 has not materialized, with Advini suffering, like the sector, from a decline in volumes that is only very partially offset by price increases', points out the analyst.

Invest Securities has significantly lowered its 2023-25 expectations for the wine group, but with a limited impact on its price target, 'in line with the partial recognition of the group's heritage and medium- and long-term prospects'.

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