Campari : Q1 24 preview: fresh downward adjustments
>Underperform rating maintained and target price cut to € 8.6 from € 9.6 - We maintain our Underperform rating on Campari. The ongoing EPS downgrades account for the stock’s performance in recent months. The main culprit is higher interest expense with the acquisition of Courvoisier, its integration being a source of uncertainty in the short term. Also, operating margins will be under pressure in FY 24e, bearing in mind the latter is still short of its pre-Covid level...
Oddo Securities provides securities brokerage and research services. The company offers equity, economic, and derivatives research and credit analysis services. It focuses on insurance, automotive, building materials, pharmaceuticals, telecommunications, information technology, and agri-food industries.
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