Oddo BHF maintains its 'neutral' opinion on Laurent-Perrier, with a price target raised from 130 to 140 euros, following the publication of the champagne house's annual results, which raised its EPS forecast by 8%.

The champagne market remains depressed in volume terms (YTD), with further de-stocking, and we remain vigilant as to the evolution of volumes, particularly internationally, and margin growth after a record year", the analyst acknowledges.

The research firm nevertheless considers that Laurent-Perrier's valuation 'remains attractive', highlighting the stock's estimated 7% discount to the market, compared with a historical premium of 3%.

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