Campari : Major disappointment on Q3 2024 forecast and revision to the group’s guidance
>Underperform maintained and target price cut to € 6.0 (vs € 6.5) - We maintain our Underperform rating on Campari. With the normalisation of its performance in Europe, its leading market (48% of group sales), the Italian group must diversify in order to find new areas of growth and to improve its risk profile. This was once again reflected in its Q3 2024 results: half of the disappointment vs consensus forecasts stemmed from Europe. Moreover, with the overhaul of the...
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