Barclays reaffirms its 'Underweight' recommendation on Pernod-Ricard, with a price target lowered from 148 to 136 euros, explaining that it sees much more downside risk on the Chinese market and therefore remains cautious on the dossier.

We believe that the third accounting quarter will be difficult, and we fear that the company will remain heavily dependent on China's recovery to achieve its medium-term ambitions", he said in his note on the spirits giant.

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