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Nestlé: Jefferies downgrades to 'hold'

(CercleFinance.com) - Jefferies has downgraded its rating on Nestlé from "buy" to "hold" on Friday, saying that its "good work" over the past three years has now been "priced in.

To continue to re-rate, Nestlé needs to deliver decisively against its 2020 "mid-single digit" growth guidance, the US broker said.

"This feels too much of a stretch and we go below consensus on this metric," Jefferies noted, trimming its target price from 118 Swiss francs to 107 Swiss francs.

While it continues to see Nestlé as a "premium" play, the broker says it now sees more upside in Unilever.

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