SWITZERLAND: Campari upgraded by UBS
Swiss financial group UBS has upgraded Gruppo Campari following revenue and profit growth at the Italian company for the first three quarters of this year.
UBS has upgraded shares in Campari to 'neutral' from 'reduce', with an improved price target of EUR7.60 (US$9.73), against EUR7.20 previously.
The broker said in a research group that Campari had given 'better brand visibility', following the Italian drinks firm's nine-month financial report, which came out yesterday (9 November).
Campari posted a slight profit increase after group sales for the period to 30 September totalled EUR626.9m (US$800.8m), an increase of 15.4%.
UBS noted that a key metric was recovery of the Campari brand after double-digit sales declines in the second-quarter linked to new packaging shipment disruption.
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