Jefferies reaffirms its 'buy' recommendation on Rémy Cointreau, with a price target reduced from 120 to 110 euros, in the wake of a 5% reduction in its earnings expectations for fiscal 2026.

In its summary note, the broker explains that it has reduced its organic cognac sales growth assumptions for 2026 from +8% to +5%, due to uncertainty surrounding the timing of the recovery in China.

However, Jefferies maintains its view that 'cognac will recover in the medium term, and Remy will see a recovery alongside that'. 'The share is trading at 2.5 times the value of stocks, compared with four times over 2010-22', it adds.

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