Danone: Sluggish trends in Chinese water and baby food
NEUTRAL, Fair Value EUR65 vs. EUR67 (+1%)
We have lowered our EBIT estimates by 3% on average for the next three years. This is due to the Baby Food and Waters divisions, which are respectively suffering from regulation in China and destocking of Mizone. Our Fair Value has been revised downwards from EUR67 to EUR65. Neutral recommendation maintained.
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