Beiersdorf: adjusted price target at Jefferies

(CercleFinance.com) - Jefferies reiterates its 'buy' recommendation on Beiersdorf, with an adjusted price target of €162 to €158, 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 October 24, the broker reduced its consumer business growth estimate to +7.1% for the third quarter, while forecasting further growth in the fourth quarter 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", judges Jefferies.

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