Oddo BHF maintains its 'neutral' rating on Bonduelle shares, with a price target lowered from 13 to 12 euros after updating its valuation methods.

Last night, Bonduelle reported a slight 0.5% drop in quarterly sales to 568.5 ME, slightly below Oddo BHF's expectations (576 ME) due to a more negative currency effect than expected. Organic growth came in at 4.2%, slightly better than expected (+3.9%).

The evolution of sales and the results of the agricultural campaigns do not call into question the annual guidance, which has been confirmed.

According to Oddo BHF, 'the Group should benefit from Q2 onwards (Oct-Nov-Dec, editor's note) from cost savings generated by the reorganization plan for the Florence production site in the USA, estimated at a total of nearly 10 ME'.

Finally, the broker believes that the recent fall in Bonduelle's share price seems 'unjustified'.

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