(CercleFinance.com) – Barclays maintains its ‘weight in line’ recommendation on Henkel with an adjusted price target of 62 to 63 euros, the day after the publication of the German consumer goods group’s half-year results.
‘Prices surprised positively, similar to other names in personal and household care. Nevertheless, macroeconomic visibility remains limited, in particular given Henkel’s industrial exposure, the broker estimates.
“The ratio of 16 times EPS expected for 2023 seems undemanding, but we are struggling to see a short-term catalyst for a revaluation and therefore reiterate our view to weight online,” he continues in the summary of his research note.
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