On Friday, Deutsche Bank lowered its target price for Campari from 12.6 to 11 euros, ahead of the publication of the Italian spirits group's 2023 annual results on February 27.

The analyst - who is maintaining its buy recommendation - says he expects organic growth of 10.5%, an 11.2% rise in operating income recurring (Ebit) on an organic basis, and a 15 percentage point improvement in operating margin (Ebit).

In terms of outlook, the research firm expects the Group to renew its confidence in its ability to grow faster than its "main reference markets", with a further improvement in margins in sight this year.

Deutsche Bank, however, says it does not expect any quantified targets at this stage.

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