UBS has downgraded its recommendation on Rémy Cointreau from "neutral" to "sell," while also lowering its price target from EUR53 to EUR33. This new target suggests a potential 14% downside for the shares of the French cognac and spirits group.

"The strategic pivot to prioritize revenue growth over gross margin is bold, but could lead to a slowdown in earnings momentum and a short-term decline in the stock," the broker warns.