While reducing its target price for AdVini from €26.4 to €25, Invest Securities reiterates its "buy" opinion, "with a current valuation (and instantaneous results) that only very partially reflect the real value" of the wine group, in its view.

While first-half results represent a low point, the research firm argues that price rises and cost inflation should gradually reverse, leading to a marked improvement in results in the second half of the year.

Beyond that, management's determination to rationalize its cost structure and accelerate the premiumization of its offering should enable it, in the medium and long term, to better monetize the investments made over the past 20 years", continues the analyst.

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