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Third quarter above Equita’s expectations for Campari with turnover of 575 million up 12% on an annual basis thanks to the forex / perimeter, while organic growth, although very robust (+ 27% on 3Q19), was slightly below the + 30% expected from Equita (consensus was + 25%). Equita Sim confirmed the 2021 and 2022 turnover estimates and raised the 2021-22 EBIT by 1/2%, thanks to the gross margin, on which we were already quite cautious. Sim analysts now indicate a target price of € 11.3, 3% above the previous one. In Piazza Affari, the Campari share marks + 0.93% to 12.51 euros.