Jefferies reaffirms its 'buy' recommendation and 130 euro price target on Rémy Cointreau, considering it, 'despite short-term volatility, to be one of the most attractive long-term growth stories in beverages in Europe'.

In favor of Rémy Cointreau, the broker points to 'high barriers to entry and premiumization trends, given the 90% profitability achieved in brown spirits'.

Jefferies believes that figures for the cognac house and other spirits are close to their low points, and that 'extreme cyclicality, as opposed to structural considerations, has had an impact on Rémy'.

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