Henkel: Société Générale a buyer again
(CercleFinance.com) - On Thursday Société Générale upgraded its rating on Henkel shares from "hold" to "buy", increasing its target price for them from 66 euros to 77 euros.
In a research note, SG says that it downgraded the German consumer products group's stock from "buy" to "hold" last May, due, amongst other things, to the high cost of oil, to which Henkel is highly exposed.
However, the broker points out that crude oil has since fallen back to below $90 a barrel, from $120 in the spring, hailing the group's performance in terms of pricing, as well as integrating its consumer businesses.
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