UBS reaffirms its 'buy' recommendation on Rémy Cointreau, as well as its price target of 195 euros implying a potential upside of 16%, following the French spirits house's business update at the end of last week.

In its research note, it points out that the group slightly beat expectations in terms of organic sales (-6.0% against a consensus of -6.7%), but that this was overshadowed by three to five months of inventories at the end of December and normalization in the US.

Rémy Cointreau looks well placed to deliver best-in-class sales and EBIT growth in 2023 and beyond", says the broker, who wonders whether short-term concerns are "overdone".

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