Oddo BHF maintains its 'underperform' rating on Campari while lowering its target price from 9.6 to 8.6 euros, adjusting its model ahead of the release of the Italian spirits house's first-quarter results in early May.

The research firm now forecasts organic sales growth of +0.9% for this period. It has revised its full-year organic growth forecast for 2024 from +7.2% to +6.2%, and lowered its EPS estimate by 10.5%, expecting it to rise by only around 1%.

Oddo BHF believes that growth "should normalize after three good years against a backdrop of lower price effects", and is therefore "not sure that investors are favoring Campari to play the spirits sector recovery".

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