(CercleFinance.com) – Oddo BHF reaffirms its ‘neutral’ opinion with a price target left at 90 euros on Beiersdorf, after the announcement of the acquisition by the German cosmetics group of the American brand Chantecaille.
“This is a positive signal on the use of cash, six months after the arrival of the new works council and Chantecaille is a beautiful high-end brand with a positioning very complementary to that of La Prairie”, judges the analyst.
‘The title remains penalized by an apparently high PE, a lack of visibility on the level of operating margin and disappointment over the decline in La Prairie in the third quarter,’ he underlines, however, while pointing to the new measures of restrictions.
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