(News Bulletin 247) – Oddo BHF reaffirms its ‘outperformance’ opinion and its target price of 123 Swiss francs on Nestlé, after the announcement of the sale of Palforzia which, according to him, ‘puts an end to a strategic error which was the ‘one of the derating factors of the title’.
‘Over one year, the PER12mfwd has indeed increased from 24 times to nearly 20 times currently. And to this day, Nestlé remains one of the cheapest quality values in Food Spirits HPC in both Europe and the United States,’ points out the analyst.
The design office considers that the top management “quickly took note of this error, the cost of which may seem significant in absolute terms, but which must be put into perspective with the size” of the Swiss agri-food group.
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