(News Bulletin 247) – Berenberg announced on Friday that it had raised its recommendation on Henkel from ‘sell’ to ‘hold’, with a price target raised from 58 to 69 euros.
In a research note released in the morning, the analyst praises the recovery in profit margins operated by the German group of daily consumer products.
If he recognizes that the half-year results of the owner of Schwarzkopf or Le Chat were less good than expected, the intermediary stresses that his operating margin proved to be higher than expected thanks to the firmness of his prices which enabled him to save setting.
Assuming the strength of its prices should continue in the short term, Berenberg believes that a possible catalyst for a devaluation of the title has now disappeared, which leads him to raise his advice.
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