Oddo BHF confirms its Outperform opinion on the share and maintains its target price at E 190.

The analyst believes that the return to growth is slow in coming and tends to be postponed quarter after quarter.

Taking into account a less favorable consumer environment in China and destocking in the US, we are lowering our FY 23/24 organic growth estimates. We now expect -1.1% vs -0.2% previously. We are also updating our perimeter effect on ROC and are adjusting our FY 23/24th EPS by -0.2%', says the analyst firm.

Despite the expected decline in the USA and stability in China, we expect organic sales growth of +0.4% for the Group in Q3 23/24.

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