Barclays reaffirms its 'underweight' recommendation on Barry Callebaut, with an adjusted target price of 1,410 to 1,400 Swiss francs, concerned about the risk of executing the Next Level plan and the outlook for end-market volumes.

Barry Callebaut is managing relatively well in a difficult environment, but the unprecedented rise in cocoa prices since the beginning of the year would only fully affect the sector's income statements in 2025', warns the broker.

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