UBS Downgrades Pernod Due to Dwindling Consumption

Dear Client:UBS downgraded its rating on Pernod Ricard to neutral from buy yesterday because they’re expecting growth to dwindle for the industry in the near term, said analyst Melissa Earlam in a research note. The top line performance of spirits companies (and the broader beverages sector) is likely to be very weak for the next year as unemployment rises and demand slows faster than UBS initially expected. Pernod also noted at its first half earnings call that third quarter sales