BofA Forecasts H2 Volume Inflection for Lindt & Sprüngli; Price Objective, Estimates Updated

07:46 AM EDT, 07/23/2026 (MT Newswires) -- BofA Global Research expects Lindt & Sprüngli's (LISN.SW, LISP.SW) volume/mix to improve in the second half, after the chocolate maker published "better than feared" first-half results. The research firm on Wednesday noted that the company's first-half organic sales growth matched consensus at 4.3%, with volume falling by 7.5% and 90 basis points behind consensus amid subdued demand, primarily in Europe. "Looking forward to 2H26, we expect pricing to fade to +3.3%, making volume inflection paramount (BofA: +1.3%). Solid 1H26 profits combined with the start of some [cost of goods sold] deflation (we expect 300bps tailwind in 2H26), will provide LISP flexibility to reinvest in price (especially in gifting), and in [advertising and promotion], itself helping volume to improve," the note said. BofA maintained its buy rating, with EPS estimates raised by 1% to 2% across full-years 2026 through 2028, as analysts expect volume growth to inflect in 2027, buoyed by store expansions and new product rollouts, among others. Meanwhile, a valuation methodology shift led to the research firm lowering the price objective for Lindt's registered shares to 133,000 francs from 134,000 francs, while the participation certificates' price objective was cut to 13,300 francs from 13,400 francs.