While acknowledging that the share "looks tempting" at around 65% below its December 2021 high of 215 euros, Stifel maintains its "hold" recommendation on Rémy Cointreau, with a price target lowered from 105 to 102 euros.

"We believe that the trend towards value depletion in the US remains negative, and that China is unlikely to provide strong sustainable compensation", warns the broker, who deems it "too early to speak of a low point".

More broadly within the European spirits sector, Stifel maintains its preference for Italy's Campari, as well as, among the largest caps, for the UK's Diageo over France's Pernod Ricard.

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