Pernod Ricard has seen its fair value raised by JP Morgan. The bank upped its recommendation on the spirits group to €112 from €105 on Friday.

The bank reiterated its "overweight" rating on the stock.

"We have seen better sales figures from the company at the top level, a better sales mix and good performance in Asia and the US, where the margins are most lucrative," JP Morgan analyst Nigel Davies said.