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Nestlé: Oddo BHF still says 'buy' after disposal

(CercleFinance.com) - Oddo BHF reaffirms its "buy" rating on the Nestlé share, along with its target price of 117 Swiss francs, the day after it reached a deal to sell Froneri, its ice cream business in the United States, in a transaction worth 4 billion dollars.

The transfer of US assets will enable Froneri to gain critical mass in an oligopolistic market, the analyst says, who, in the deal, sees a very reassuring message on the continued transformation of the Swiss agri-food group's portfolio.

The share price's recent weakness provides investors with a good entry opportunity on a defensive group whose transformation enables it to be more strategically focused on dynamic categories, while remaining very diversified in operational terms, the analyst adds.

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