(News Bulletin 247) – Bank of America announced on Wednesday that it had resumed coverage of Nestlé shares with a buy recommendation and a target price of 128 Swiss francs.
In a research note, the research department hails the “well-balanced” portfolio of what it considers to be the most dynamic agri-food group today.
BofA particularly praises the positioning of the Swiss group in growing segments, its market share gains and the improvement in its profit margins.
In view of the PER of 19x for 2024, this higher growth and the level of redistribution offered to shareholders (around 25% of market capitalization over five years) are not integrated into the current stock market price, concludes the firm.
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