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Beiersdorf: UBS still a seller, raises target price

( - UBS maintains its "sell" rating on Beiersdorf while raising its target price from 88 euros to 94 euros, with its new target price still representing 10% downside potential for the stock of the parent company of Nivea, La Prairie cosmetics and tesa adhesives.

The broker recognises the strong EBIT growth due to better-than-expected organic sales growth and margin development, although believes that maintaining forecasts for 2022 would imply a marked deceleration in H2.

"Gradual normalisation of category growth and heightened expectations suggest limited scope for positive surprises from here," UBS warns in its summary.

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