Investment bank ABN AMRO has downgraded Pernod Ricard to "hold" from "buy". "This does not represent a fundamental change of view but is in keeping with our suggested 98 euros share price target," a research note said. "Pernod's acquisition and organic growth track record both suggest the Seagram businesses will be successfully integrated. However, until there is more proof of this, and after 90 percent appreciation in the Pernod share price since the Seagram deal in December 2000, we expect the shares to perform closer to the market."