Stifel reaffirms its 'buy' recommendation on Danone, while lowering its target price from €65 to €60 in the wake of slightly reduced estimates for the fourth quarter, based on lower volume assumptions for EDP and water in particular.

We expect EDP (fresh dairy and plant-based products) volumes to remain in negative territory in 2023 too, but believe that this conviction is broadly shared by the market", says the broker.

Noting, however, that Antoine de Saint-Affrique 'should adjust structures where necessary', Stifel reiterates the long-term opportunities it sees for the stock, as well as a nevertheless attractive dividend yield of 3.9%.

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