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Nestlé: Jefferies raises target price

( - Jefferies has reiterated its "buy" rating on the Nestlé share, while raising its corresponding target price from 115 Swiss francs to 121 Swiss francs, after the Swiss agri-food giant's Q2 results beat estimates in terms of volumes, margins and results.

"Arguably cautious H2 guidance leads to no change in our underlying numbers, but lower tax drives a 4%-5% upgrade (in our EPS estimates)," the broker said.

"Further room to surprise on top line and portfolio, plus a usefully flexible margin target, keeps us buyers amidst a supportive (for the sector) market and macro environment," the broker continued.

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