Berenberg announced on Friday that it had lowered its target price for Verallia from €44 to €36 in the wake of the profit warning issued by the glass packaging specialist at the beginning of the week.

The German financial intermediary - which is maintaining its buy recommendation on the stock - points out that Verallia's share price fell by 18% last Tuesday following the profit warning.

As a result of this fall, the gains posted by the share since it was upgraded to buy in February now stand at just 3% over the period, including dividends, it points out in a note.

While the warning has led Berenberg to revise its forecasts for the French group downwards, it believes that Verallia remains well positioned to increase its capacity utilization rate over the coming months.

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