Heineken: Jefferies no longer a buyer
(CercleFinance.com) - Jefferies has downgraded its rating on Heineken from "buy" to "hold," cutting its target price for the share from 100 euros to 95 euros, after trimming its 2018 EPS estimate for the brewer by 2%.
The broker points out that its previous buy rating was based on the Dutch group's presence and its focus on upgrading and innovation, as well as improvements in its margins.
Although revenues exceed expectations, the thesis seems to have changed and the broker is cutting its outlook regarding margin expansion, even though it sees Heineken as an attractive medium-term investment.
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The information and analyses distributed by Cercle Finance are only intended as decision-making support for investors. Cercle Finance's responsibility may not be entailed, either directly or indirectly following the use of such information and analyses by readers. Any non-professional investor is recommended to consult a professional advisor before making any investment decision. This indicative information in no way constitutes any invitation to sell or buy securities.
The broker points out that its previous buy rating was based on the Dutch group's presence and its focus on upgrading and innovation, as well as improvements in its margins.
Although revenues exceed expectations, the thesis seems to have changed and the broker is cutting its outlook regarding margin expansion, even though it sees Heineken as an attractive medium-term investment.
Copyright (c) 2018 CercleFinance.com. All rights reserved.
The information and analyses distributed by Cercle Finance are only intended as decision-making support for investors. Cercle Finance's responsibility may not be entailed, either directly or indirectly following the use of such information and analyses by readers. Any non-professional investor is recommended to consult a professional advisor before making any investment decision. This indicative information in no way constitutes any invitation to sell or buy securities.