Oddo BHF maintains its 'neutral' rating on Bonduelle shares, with a price target lowered from 11 to 10 euros.

Bonduelle last night published Q3 sales 4% below our expectations. Sales of 564.9 ME (vs. 588.1 ME) were down 1.3% on a reported basis and 1% on an organic basis (vs. +5%)", reports the analyst.

Against this backdrop, Bonduelle is lowering its organic sales growth target for the 2023/24 financial year, now expecting an increase of between 3% and 4% vs. 5% previously.

As a result, Oddo BHF has lowered its forecast for 2023/24 organic sales growth from 4.6% to 3.1%, at the lower end of the new guidance range.

Compared with the market, the share is discounted by almost 50%, which is close to the historical discount," adds the broker.


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