Beiersdorf: Oddo BHF adopts reduce rating

(CercleFinance.com) - Oddo BHF has downgraded its rating on the Beiersdorf stock from "neutral" to "reduce," having cut its corresponding target price to 83 euros, the day after the announcement of the new CEO's (CARE) strategy and a reset of its operating margin for 2019.


According to the broker, this announcement by the German cosmetics manufacturer should immediately cut its 2019 EPS estimates by 7% to 10%.

The broker adds that this is also reflected by a lack of reinvestment of cash in an acquisition - at least in the medium term - and doubts about the quality of development was announced by the group's previous directors.



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