Look at life with a smile, declares one of Danone’s ads for its Activia yogurt.

Investors in the French food group may be forgiven for not sharing this view.

The world’s biggest yogurt maker said on Monday that sales growth would miss its 3 percent to 5 percent target for 2016. That’s after a revamp of its key Activia brand failed to live up to expectations, particularly in Spain, where it faces competition from cheaper rivals. The shares fell as much as 3.1 percent on Monday, making the company the worst performer in the Euro Stoxx 50 index.

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