(News Bulletin 247) – UBS remains neutral on the stock but lowers its target price to 187 E (instead of 195 E).
The analyst believes that inflation should lead to a pause in margin expansion in the first half.
“We think the subdued market expectations for the first half of the year are likely to limit downside risk. However, more visibility is needed for stocks to start performing again,” UBS said.
‘First quarter results surprised on the upside, particularly in North America, but we are not yet extrapolating trends over the rest of the year,’ adds UBS in the summary of its note.
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