Now sees flat FY sales vs growth previously
Reduces share buyback to 300 mln euros from 500800 mln
Sees better H2 and sticks with medium term targets
Shares rise over 6

PARIS, Feb 15 Reuters Pernod Ricard39;s shares rose over 6 on Thursday as the French spirits maker left its longerterm growth ambitions intact, even as it cut its fullyear sales estimate and its share buyback programme.

The world39;s secondlargest spirits maker, which has faced challenges in its key markets of the United States and China, said it now expected fullyear sales to flatline, against a previous forecast for growth.

It also cut its share buyback programme for this financial year to 300 million euros 322 million from the 500800 million planned previously.

But the maker of Martell cognac, Mumm champagne and Asbolut Vodka said it was still aiming to achieve closer to 7 sales growth in the mediumterm towards the top of its range, reassuring some investors who had feared a cut to its ambitions.

Longerterm, U.S. challenges are set to recede, the company still has plenty of room to grow in China as incomes rise, and it is set to benefit from demographic trends, urbanisation and economic growth in India, CEO Alexandre Ricard said.

These fundamentals have not changed, he told analysts.

This is the very, very good news, said Marco Scherer, a portfolio manager at Pernod investor Metzler Asset Management, of Pernod39;s decision to maintain its mediumterm ambitions.

Pernod had also achieved a…