Stifel maintains its 'Hold' rating on Pernod Ricard shares, with an unchanged target price of 170 euros.

Pernod Ricard reported a -3.5% organic decline in sales in Q2 of fiscal 2024 (the period corresponding to Q4 of calendar 2023), broadly in line with the consensus estimate of -3.3%.

The consensus is for organic sales growth of +2% in 2024, with positive developments in the USA and India, but is more cautious about China.

Finally, the medium-term outlook (FY23-25) is confirmed, with Pernod Ricard still targeting organic sales growth of between +4% and +7%, and an organic operating margin expansion of +50 to +60 bp.

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