(News Bulletin 247) – Oddo BHF maintains its ‘outperformance’ rating on Nestlé shares, with a price target raised from 118 to 123 CHF.
The analysis office returns to the agreement with PAI Partners aimed at creating a joint venture in frozen pizzas in Europe.
‘Nestlé will retain a non-majority economic stake with voting rights equivalent to those of PAI, which leads us to believe that the capital and voting rights will be divided between PAI Partners, Nestlé and the management of the JV’, underlines the analyst.
The broker adds that it is credible to think that the creation of this JV in Europe may be a preliminary to the creation of a larger JV which would include pizzas in the United States, or even all the frozen assets in the United States. UNITED STATES.
However, initially, the operation should only concern frozen pizza assets in Europe and not those in the United States.
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