** Shares in Italy's Campari CPRI.MI fall over 11% after the Q1 revenues miss posted by the spirits group late on Wednesday

** Q1 sales totalled 643 million euros ($756.49 million), below an analysts consensus compiled by Visible Alpha of 651 million euros

** Campari's miss was mostly driven by inventory optimization in the US, resulting in a 10 million euros hit to its topline, J.P.Morgan notes

** While the spirits maker is recovering faster than its European peers, the pace of its recovery is "u-shaped" and not v-shaped", Jefferies says

** The Q1 2.1% aperitif segment growth is below what is required for a sustained re-rating, it adds

** Including today's fall, YTD Campari has gained 5.5%

($1 = 0.8500 euros)