Oddo BHF maintains its 'outperform' rating on Pernod Ricard shares, with an unchanged target price of 198 euros.

The analyst notes that he appreciates the quality of the group's fundamentals, and that the share's derating at historically low valuation levels constitutes 'an attractive entry point for a quality stock whose momentum should recover during 2024'.

Oddo BHF also reviews the appointment of Conor McQuaid as head of North America, succeeding Ann Mukherjee. The analyst is confident in the new CEO's ability to rise to the challenge, given his experience and track record with Pernod Ricard.

However, this appointment should not act as a short-term catalyst for the stock, the analyst believes.

As a reminder, Oddo BHF anticipates stable adjusted EPS growth in FY 23/24.

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