(CercleFinance.com) – Stifel maintains its buy rating on Beiersdorf shares with a price target reduced from 150 to 148 euros.
The analyst reports that Beiersdorf’s superior revenue momentum was maintained in 4Q23 despite the slowdown in growth for Nivea (+12% LFL) and well-identified challenges for La Prairie in the Chinese ecosystem (- 14% LFL).
A strong innovation pipeline, white space opportunities and second-half recovery prospects for La Prairie should fuel further revenue outperformance in 2024, the analyst believes.
In this context, Stifel reduces its EBIT guidance for FY24 and FY25 by -2%, reflecting FY2023 results and first guidance for 2024.
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