Henkel: Jefferies downgrades its recommendation


Jefferies is downgrading its recommendation on Henkel to ‘buy’ ‘hold’, with a price target reduced from 75 to 69 euros, preferring to stay away from the case when predictable positive catalysts are, according to him, likely to be rare.

“A new warning leaves Henkel with the most negative 2022 earnings outlook in our coverage,” the brokerage notes, which he says is “enough to put cash yields under pressure, despite five years of stable dividends”.

While acknowledging that more decisive measures are being taken for the struggling consumer division, Jefferies considers these “well integrated in the course”, given the significant revaluation that has occurred on the title since the first quarter. .

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