(News Bulletin 247) – UBS reaffirms its ‘buy’ recommendation on Reckitt Benckiser despite a price target lowered from 7,500 to 7,300 pence, a new target which leaves a potential upside of 25% for the title of the British consumer products group current.
“Prices and nutrition allowed expectations to be exceeded in the fourth quarter,” notes the broker, who also points to 2023 prospects for organic growth (LFL) and operating margin in line with consensus expectations.
Class-leading 2020-22 LFL growth and compelling outlook not reflected in valuation, but LFL growth surprises, evidence of turnaround and new CEO could correct this anomaly. .
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