Beiersdorf: stock rises on broker upgrade

(CercleFinance.com) - German cosmetics and adhesives manufacturer Beiersdorf's shares are up around 3% in Frankfurt today, boosted by Jefferies upgrading them from "hold" to "buy," while increasing its target price for them from 91 euros to 120 euros.


With new CEO Vincent Warnery due to take office when it unveils its interim results on 5 August, the broker now believes that Beiersdorf is capable of outperforming the consensus in FY 2021.

"That buys some time to turn around Nivea and to rebuild margins", Jefferies says, which has become a buyer of the share once more, saying "With the stock trading at close to a trough valuation, peer-relative, we turn positive".



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