Lindt: stock up with Berenberg now a buyer
(CercleFinance.com) - The Lindt & Sprüngli is one of the sharpest risers in the SMIM Swiss mid-cap index on Wednesday after Berenberg upgraded the share, with it now adopting a buy range on the upmarket chocolate maker.
The confectioner's ordinary share is currently up 1.1% at 91,300 Swiss francs, while the Swiss market is up just 0.5%.
This morning Berenberg upgraded its hold rating to buy, with a new target price of 97,500 Swiss francs, against 80,000 Swiss francs previously.
"At a time when the market is nervous about top-line prospects for packaged food peers... we believe Lindt offers the consistency and resilience that investors seek, despite the premium valuation," analysts say.
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