Davide Campari-Milano downgraded to Underperform at RBC Capital

RBC Capital downgraded Davide Campari-Milano to Underperform from Sector Perform with a price target of EUR 8.20, down from EUR 9.40. With “a lot going on at Campari,” the firm is increasingly concerned about recent volatility in quarterly results, noting that three out of the last four quarters have disappointed. Other worries include the retirement of “an admired and long-serving CEO” and a major acquisition in the “challenged” cognac category, despite which the shares have outperformed spirits peers, the analyst tells investors.