Credit Suisse expects organic sales to fall by -5.8% in the third quarter (against Visible Alpha's current consensus of -6.1%).

' Short-term sentiment will be dictated by the pace of reopening in China and consumer trends in the US ' says the analyst.

' Our organic sales and EBIT growth of +11.2%/+14.4% for fiscal 2023 is unchanged and compares with consensus of +11.0%/+13.1%. We are raising EPS by around 1.5% to reflect the lower share count following the recent buyback' adds Credit Suisse.

Credit Suisse confirms its Underperform recommendation on the stock with a price target of E. 170.

' Remy trades on a 12-month P/E of 28x, a premium of around 47% to large-cap spirits (Diageo and Pernod) ' says the analyst firm.

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