(CercleFinance.com) – Nestlé shares on Wednesday posted the biggest drop in the SMI index on the Zurich Stock Exchange, penalized by a note from Jefferies, which lowered its recommendation on the value of ‘keep’ to ‘under- performance’.
At 1:50 p.m., the title of the Swiss agrifood giant fell 2.8% in volumes supplied. At the same time, the SMI index fell 0.1%.
Jefferies, who lowered its price target to 110 Swiss francs from 118.5 Swiss francs previously, believes the group could struggle to meet the consensus forecast for 2022.
In its study, the broker highlights a difficult basis for comparison with regard to two categories of products that have largely benefited from containment, namely coffee and animal feed, in the current context of a return to normal.
After five years of generous redistributions to shareholders, Jefferies also expects fewer pleasant surprises from now on, anticipating that Nestlé will once again become a net acquirer, and no longer a net seller, with regard to M&A activity (M&A). ).
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