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Beiersdorf: Stifel still a buyer, trims TP

( - Stifel maintains its Buy rating on Beiersdorf shares, while trimming its target price for them from E150 to E148.

The analyst reports that Beiersdorf's outperforming sales momentum was maintained in Q4 23, despite slower growth for Nivea (+12% LFL) and well-identified challenges for La Prairie in the Chinese ecosystem (-14% LFL).

A strong innovation pipeline, white space opportunities and prospects of recovery in H2 for La Prairie should fuel further sales outperformance in 2024, the analyst says.

Against this backdrop, Stifel reduces its EBIT guidance for FY24 and FY25 by -2%, reflecting FY2023 results and the first guidance for 2024.

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