Vontobel ups chocolate-bunnies maker Lindt on easing cocoa and pricing

Chocoladefabriken Lindt & Spruengli AG

20/11/2025 09:25

** Vontobel upgrades Lindt LISN.S from "buy" to "hold," expecting the chocolate-bunnies maker to surpass its 9-11% organic growth target for FY25, propelled by sustained pricing momentum

** The brokerage expects cocoa prices stabilizing around current levels, as sharp volume declines in chocolate temper further upside in the bean

   ** Cocoa futures in London LCCc2 and New York CCc2 currently trade at around $5,000 per metric tonne

   ** "The surprise rollback of US tariffs removes a major cost

overhang and provides welcome margin relief for FY26" - Vontobel

** Lindt's stock has grown 20% YTD

($1 = 0.7654 pounds)

 (Reporting by Paolo Laudani in Gdansk)

 ((Paolo.laudani@thomsonreuters.com))