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STOCKS NEWS EUROPE-Danone stock falls as Exane downgrades

Reuters - UK Focus

Shares in Danone (Paris: FR0000120644 - news) fall 1.6 percent, the top losers on the CAC-40 of French blue chips, as traders cite a recommendation downgrade from Exane BNP Paribas (Milan: BNP.MI - news) analysts to "underperform" from "neutral", citing "very low" visibility on margins.

Among negative factors weighing on the margin outlook, the analysts cite weaker-than-expected trends in Danone's Western European dairy business, the return of milk inflation and Exane BNP's view that the recovery of Danone's baby food business in China will be "a long haul".

"While visibility on margins is very low, our detailed analysis suggests that consensus expectations of a 10 bp increase in FY 2014 (margin) look unlikely. We revise our FY2014 estimates to reflect a 40 bp decline", analysts say in a note.

Reuters messaging rm://dominique.vidalon.thomsonreuters.com@reuters.net