UBS Expects Campari Group's Aperitifs, RTDs to Support Growth Momentum; Rating, Price Target Up

06:07 AM EDT, 09/14/2026 (MT Newswires) -- UBS Global Research expects the aperitif and ready-to-drink portfolio of Davide Campari-Milano (CPR.MI), d/b/a Campari Group, to bolster the Italian alcoholic beverages company's topline growth trajectory. "Campari is well placed to accelerate organic growth >4% in H2 26, supported by several recently implemented strategic initiatives, including portfolio expansion in Aperitifs and new formats, in particular RTDs. We also see potential upside risk to FY26 gross margin, and a big FY27 free cash flow inflection (UBSe +13% v cons) can support cash return optionality as the company is on the path to becoming more [shareholder-friendly]," analysts said Monday, adding they expect the group to maintain its outperformance against spirits peers. The research firm forecasts the company's full-year 2027 free cash flow to exceed 400 million euros, beating consensus estimates by 14%, as capital expenditure is projected to normalize to 4% to 5% of sales after a five-year "significant" investment cycle. "The c15% share price [pullback] from [year-to-date] highs offers a good entry point, in our view particularly as likely strong Q3 organic sales and potential US tariff refund could be near-term positive catalysts," UBS wrote. Against this backdrop, the research firm upgraded the stock to buy from neutral and raised its price target to 7 euros from 6.10 euros.