Goldman Sachs has initiated coverage of Davide Campari-Milano shares. The broker has rated the shares "in-line" with a fair value of €6.6 on a discounted cash flow basis.

Goldman Sachs believes that Campari has an attractive spirits portfolio and geographic exposure, and that the management's delivery on acquisitions has been exemplary, it said in a note to clients. Recent very strong share price performance, however, reflects this and the attractions of the assets in a consolidating industry, it added.

The group is well-positioned in the attractive spirits markets and has significant exposure to some of the most attractive pockets of growth in international spirits, notably in premium vodka in the US, Goldman Sachs concluded.