Oddo BHF maintains its 'outperform' rating on Bic shares, with a price target reduced from €79 to €73, after the BIC Group's management announced a downward revision of its sales outlook for fiscal year 2024.

While initially expecting sales growth at constant exchange rates excluding Argentina of between 5% and 7%, this is now expected to be in the low single-digit range.

"This adjustment is explained by a sharper than initially estimated decline in the lighter market in the United States, with a mid to high single-digit decline, whereas at the start of the year the Group was expecting a low to mid single-digit decline," the broker analyzes.

The consumer environment in the United States is penalizing the Group's growth, but FCF generation remains intact, and the publication of half-year results at the end of July will be an opportunity for us to assess the cost-saving measures identified", concludes the analyst.


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