Canaccord upgraded Vintage Wine Estates to Hold from Sell with a price target of $1.10, up from $1.00, after the company provided a general business update that included the introduction of preliminary unaudited results for FY23, guidance for FY24, and news of its appointment of Seth Kaufman, current President and CEO of Moet Hennessy North America, as President and CEO of Vintage Wine, effective no later than October 30. The firm came away from the updates “incrementally positive,” but still has concerns regarding the balance sheet, the analyst tells investors.
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