FRANCE: Pernod shares slide after downgrades
Yesterday morning, the company's shares had fallen by 6.26% to €98.05 after it announced that turnover to the end of September had risen by 10% to €3.644 billion, below the average forecast of €3.720 billion. The fall in share price came in spite of the fact that the group reiterated its full-year profit targets. Some analysts said they felt it unlikely that the group would meet its full-year sales target of €3.6 billion.
"Third quarter organic sales growth of 2.8% is disappointing and leaves Pernod short of full-year 2002 sales targets, despite the boost to sales from additional Seagram brands, bulk whisky and distribution of non-core brands," said Morgan Stanley's Alexandra Oldroyd.
BNP Paribas downgraded its recommendation on Pernod to "neutral" from "outperform", but kept its price target of €120. SSSB cut its rating to "in-line" from "outperform" and also retained its price target of €110. Morgan Stanley cut its rating on Pernod shares from "over-weight" to "equal-weight". However, Aurel Leven reiterated its "buy" rating on the stock.
Companies: Pernod Ricard
As Pernod Ricard, Allied Domecq and Fortune Brands close in on the biggest drinks industry deal since the sale of Seagram, opinion about how the deal will be structured and who stands to win and lose ...
Maxxium Worldwide could come under pressure if Pernod and Fortune's Allied Domecq bid is successful, according to press reports today (14 April)....
It's been a quiet day on the Pernod/Allied Domecq front....
Conflicting reports circulated this weekend over whether Bacardi International is looking to form a counter-bid for Allied Domecq....
Todays press reports into Pernod and Fortune's hopes to buy Allied Domecq warn of possible conflicts and set a date for completion....
Pernod Ricard and Fortune Brands are considering a US$13 billion bid for Allied Domecq, the world's second-largest spirits company. Were it to take place, Pernod and Fortune would split Allied's brand...
Pernod Ricard and Fortune Brands are hoping to buy Allied Domecq for around 670p per share, according to press reports....
The US consumer goods group Fortune Brands has confirmed it is in talks about launching a joint bid with Pernod Ricard for Allied Domecq....
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