While maintaining its 'neutral' position on Pernod Ricard, UBS has lowered its price target from €167 to €163, leaving only 5% upside potential for the French spirits group's shares.

The broker anticipates 'a probably weak second quarter in all regions which makes the group's outlook for its 2024 fiscal year increasingly difficult to achieve', and reduces its EPS forecast by around 4% for Pernod Ricard.

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