Beiersdorf: Oddo BHF still says 'Reduce' - adjusts target pr

(CercleFinance.com) - Oddo BHF reinstates its "Reduce" rating on Beiersdorf with an adjusted target price of 85 euros (down 1 euro), after the German cosmetics group issued a warning on its H1 sales.


The broker points out that its management said that it expects to post a 10.7% fall over the period on a comparable basis, saying that at this stage, the impact of the Covid-19 pandemic is unpredictable.

H1 results, which are due to be published on 6 August are expected to be significantly weaker, the analyst warns, who expects underlying diluted EPS to fall by 26%, with underlying OP down 22.5% due to the 230 basis point decline in the group's operating margin.


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