US: Citigroup cuts Pernod rating
By just-drinks.com editorial team | 27 May 2008
Pernod Ricard has seen its rating downgraded by Citigroup. The investment bank has cut its recommendation to "hold" from "buy".
In a research note, the bank's analysts said that they expected consumer expenditure to weaken further in 2008 and remain subdued in 2009.
The bank also cut its target price on the French wine and spirits giant to EUR76 from EUR81 on its economic concerns.
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