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Dufry Declines as Exane Sees Limited 2013 Recovery: Zurich Mover

Dufry AG, a Swiss operator of duty-free stores in airports, fell the most in almost three months after Exane BNP Paribas cut its recommendation on the stock, citing a less promising outlook for 2013.

The stock fell as much as 4.8 percent, the steepest intraday decline since Nov. 5. The shares were trading 3.4 percent lower at 120.90 Swiss francs as of 10:30 a.m. in Zurich. More than 113,000 shares changed hands, almost reaching the daily trading average for the past six months.

Exane cut its recommendation on Dufry to neutral from outperform. Roberta Ciaccia, the analyst, cut her estimates for the Basel-based company’s 2013 sales by 4.5 percent to 3.62 billion francs ($3.91 billion) and her forecast for earnings before interest, tax, depreciation and amortization by 7.6 percent to 573 million francs.

Dufry is adding new retail space that will be less profitable than existing shops, Ciaccia said in a note to clients, while traffic trends and key indicators “point to a very limited recovery,” especially in Europe and in Brazil.

“We remain convinced that this is a high-quality story with an excellent strategy and management team, but we fear that Dufry’s stock may remain dead money for some time,” the analyst wrote.

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