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.
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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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