Updated model after H1 results
Following this morning's poor first half results and full year outlook, we lower our revenue forecasts by 5% and operating profit forecasts by 8%. We lower Heineken's price target to EUR95 from EUR105 and downgrade our recommendation to Hold from Buy.
Since 1996, Bryan, Garnier & Co has been growing with an absolute conviction that the investment banking landscape would experience a major revolution: most of the large local generalist banking groups will disappear to the benefit of a handful of global powerhouses, and an emerging group of independent, highly specialised boutique investment banks.
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