Beneteau drops after H1 miss, Portzamparc cuts PT on 'poor' guidance

** Shares in Beneteau BEN drop around 7% after the French boat builder's H1 earnings missed expectations, with Portzamparc pointing to weak H2 guidance

** The broker says H1 earnings were weaker than expected, hit by lower activity, margin normalisation, and extra costs

** The H2 guidance was a "bad surprise", Portzamparc says, adding that margins face pressure from promotions, an unfavourable EUR/USD rate, US tariffs, and costly ramp-ups at new sites

** Broker believes 2025 could land below current consensus

** It cuts its PT on the stock to EUR 9.50 from EUR 11.00 on "poor" second-half guidance, but keeps its "accumulate" rating