Jefferies analyst Martin Deboo lowered the firm’s price target on Strauss Group to ILS 75 from ILS 88 and keeps a Hold rating on the shares following Q3 top line miss. The firm continues to see profit recovery to be the near-term challenge for Strauss. With inflation driven growth in Brazil to in 2023 unlikely to be as contributory, FY24 is to be a year of muted growth in Jefferies’ view. Distraction from unsettling local conflict is likely to delay any potential positive catalysts, the firm adds.
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