(News Bulletin 247) – Jefferies reiterates its ‘buy’ recommendation on Unilever with a price target raised from 4,650 to 5,000 pence, modestly raising its 2023 revenue estimate for the Anglo-Dutch consumer goods group.
‘A first quarter above market expectations on volumes and stronger forecasts for the year give the new CEO Hein Schumacher a solid base’, judges the broker in the summary of his note.
Jefferies also continues to view its second-half guidance as conservative, relative to the pace of the revenue and bottom line shift that materialized under similar circumstances in 2009.
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