Berenberg announced on Tuesday that it had raised its target price for Tonnellerie François Frères (TFF) from €46 to €53, while renewing its buy recommendation on the stock.

In a research note, the financial intermediary praises the "excellent" 2022/23 annual results published last week by the oak barrel manufacturer, which - it recalls - had already twice raised its annual targets.

Despite this, the group managed, with its sales for the financial year, to exceed the consensus established by analysts by 5%, it points out in the study.

'We believe that this performance is a reflection of the solid current trends in terms of volumes in its main markets (wine and bourbon), but also of the price control available to it', Berenberg stresses.

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