Stifel maintains its Hold rating on Pernod Ricard shares, with an unchanged target price of 170 euros.

Following discussions with Pernod Ricard, Stifel has revised its earnings estimates for fiscal 2024 downwards by around 1%, as weak demand in North America (particularly for Jameson) and China continues to weigh.

Positive points persist in India and Germany, while Brazil has turned the corner and rebounded strongly on weak comparatives", adds the analyst, who expects profitability to be maintained, with an improvement in organic margin of +30 bp for fiscal 2024.


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