Jefferies lowered the firm’s price target on Danone (DANOY) to EUR 86 from EUR 88 and keeps a Buy rating on the shares. Ahead of Q4 results next month, the firm lowered its FY25/26 margin estimates on less mix effect, foreign exchange headwinds and assumed higher spend on non-protein categories to drive competitiveness. Jefferies sees near-term earnings growth at 11% and said the price/equity ratio still supports a Buy rating.
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