Oddo BHF maintains its "neutral" rating on Pernod Ricard shares, with a target price reduced from €120 to €110.

The broker estimates that Q3 2024/25 sales are expected to fall by 1.6% (vs. -0.2% previously), which it deems "not very promising".

Referring to the tariff risk in China and the USA, Oddo BHF adds that the lack of visibility on the outlook for recovery in the group's main markets should continue to weigh on its performance.

The analyst points out that his estimate adjustments do not imply any major changes to its FY organic sales growth expectations: we expect -2.6% vs -2.4% previously, he adds.


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