(News Bulletin 247) – Credit Suisse reiterates its Neutral recommendation and its price target of CHF 126 on Nestlé.

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‘We expect organic sales growth of +8.9% in the third quarter, above the VA consensus of +8.1%’, announces the analyst for whom Nestlé’s turnaround has been ‘impressive’.

‘We believe the company is in a position to deliver consistent single-digit growth,’ continued Credit Suisse before qualifying: ‘We believe equities are properly valued at current levels and we see better opportunities in the sector.’

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And to clarify: ‘Our target price reflects a target P/E multiple for fiscal year 23 of around 24x, plus the value of the stake in L’Oréal’.

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