Beiersdorf: broker downgrade hits stock

(CercleFinance.com) - The Beiersdorf stock has been down as much as 1% at 110.
3 euros on Thursday, one of the biggest fallers on Frankfurt's DAX index, with Credit Suisse downgrading its rating on the share to "underperform" with a new target price of 99 euros.

In our view, the market is being too optimistic regarding Beiersdorf's competitiveness and the likelihood of a significant redeployment/distribution of its 4 billion euro cash pile," the broker said in a note.

Its new target price implies 11% downside.

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