UBS confirms its Buy recommendation on the stock, with an unchanged target price of 1900 Swiss francs, representing a potential upside of 36% from the current price.

The analyst believes that weak chocolate markets will have an impact on Barry Callebaut in the short term.

' We expect a timid start to the new 24E financial year - which is probably not a big surprise given the weakness of chocolate markets impacted by consumer price trends ' says UBS.

For its part, the Swiss chocolatier expects stable volumes and EBIT at constant exchange rates for the 2023-24 financial year, followed by a modest increase in underlying volumes and a stronger rise in EBIT in 2024-25 (excluding non-recurring BC Next Level costs).

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