Oddo BHF reaffirms its 'outperform' rating on Rémy Cointreau, with an adjusted price target of €129 to €125, reflecting the central scenario modeled for the spirits group, with a bull case at €140 and a bear case at €77.

On the basis of the MOFCOM report, following the opening of an anti-dumping investigation into cognac on January 5, the consultancy believes that the most likely scenario would result in only a slight slowdown in the long-term growth of cognac in China to +6%.

Visibility remains low on the timing of a favorable momentum reversal, but multiples are more than attractive for a group capable of delivering average annual EBIT and EPS growth in excess of 10% in 2023-33", the analyst adds.

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