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Investing.com - Kepler Cheuvreux downgraded TFF Group (EPA:TFF) from Buy to Hold and significantly reduced its price target to EUR22.00 from EUR38.00 on Friday.
The downgrade follows TFF Group’s fiscal year 2024/25 results, which confirmed a sharp slowdown across all divisions of the barrel maker’s business.
The slowdown is primarily driven by continued destocking in the Spirits segment, weak demand in the Wine division, and limited pricing power across the company’s operations.
Kepler Cheuvreux cut its adjusted earnings per share forecast for TFF Group by an average of 58% for fiscal years 2025-27, citing low visibility and expectations of further pressure in FY 2025/26.
Despite the downgrade, Kepler Cheuvreux noted it remains confident in TFF Group’s long-term market positioning, though persistent headwinds and limited near-term catalysts prompted the more cautious rating.
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