(CercleFinance.com) - Societe Generale has upgraded Lindt from 'sell' to 'hold' with a new target price of 62,000 Swiss francs versus 64,000 Swiss francs previously, after the chocolate maker reported organic growth of 6% for 2016.

While the French bank's analysts cite 'impressive growth', they also say that the shares are 'still too expensive'.

SocGen notes in particular that growth accelerated from 4.4% in H1 to 7% in H2, with organic growth having reached 9.1% in Europe.

The bank believes this is impressive given that the chocolate market has declined for the first time in years, under pressure from high raw material prices.

According to SG, the performance clearly highlights that the premium end of the market is 'very much the place to be'.

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