UBS considers the results to be solid and underlines the confirmation of the outlook. Volumes are picking up slightly and the Group is off to a good start in 2024.

The analyst remains Buy on the stock, with an unchanged target price of 125,500 Swiss francs, representing a 16% upside potential.

' The results and outlook are solid overall, the only small negative point being the drop in volume/mix in the 2nd half compared with the 1st half of 2023, but other points overcompensate, in our opinion ' says the analyst firm.

' The company is on track to increase margins in 2024E despite the spike in cocoa prices ' says UBS.

For 2024, Lindt & Sprüngli expects organic sales growth of 6-8% and an improved operating profit margin of 20-40 basis points.

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