Stifel has reaffirmed its 'buy' recommendation on Danone, with an adjusted price target of €70 to €72, following the food group's announcement that organic growth remained strong in the first quarter.

'The EDP division should rebound as the brand's momentum continues to unfold, and the upcoming investor day should provide an additional trigger for the share, in our view', believes the broker.

Stifel also expects Danone to raise its targets at its investor day in June, or when it publishes its results for the first half of 2024.

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