Campari shares have been started as a "buy" by ABN Amro, according to dealers. The shares have a target price of €47 on valuation grounds.

In a note to clients, Amro said that the company's stock trades at a discount of over 20% to the price multiples of the other European spirits companies, which it feels is overly prudent.

The broker noted that the group continues to develop its own brands and has transformed its portfolio through acquisitions over the past few years.

Overall, Amro said it feels the group's rating continues to reflect the group's past rather than future growth potential.