Beiersdorf: Jefferies trims target price

(CercleFinance.com) - Jefferies reiterates its 'buy' recommendation on Beiersdorf shares, trimming its target price from E162 to E158, in the wake of a 1% cut in its 2024 EPS estimate for the cosmetics group, half of which is due to currency effects.


Ahead of quarterly sales on 24 October, the broker reduced its consumer business growth estimate to +7.1% for Q3, while forecasting further growth in Q4, with the launches at Derma and the recovery at La Prairie.

We believe that our slightly lowered expectations are more than reflected in the recent decline in the share price, with valuation at 12-month lows in both absolute and relative terms, Jefferies says.


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