Beiersdorf: Soft Sales Outlook, Nivea Headwinds, and Ambitious Margin Targets Justify Hold Rating

Analyst David Hayes from Jefferies maintained a Hold rating on Beiersdorf and decreased the price target to €88.00 from €92.00.

David Hayes has given his Hold rating due to a combination of factors including weaker‑than‑expected medium‑term sales guidance and lingering issues around the Nivea franchise. While Beiersdorf’s outlook for like‑for‑like revenue into FY26 came in even softer than his already cautious stance, management is still signaling an ambitious operating margin path that relies on benign pricing dynamics and tighter investment than he believes is realistic.

He views the current valuation as already discounting some of these execution and brand‑momentum risks more than the broader consensus, limiting near‑term downside but also capping upside until estimates reset lower. In his view, earnings forecasts likely need to be reduced further before conditions improve enough for a more constructive stance on the shares, leaving a Hold recommendation as the most appropriate positioning for now.

Hayes covers the Consumer Defensive sector, focusing on stocks such as DANONE SA, Nestlé SA, and Puig Brands, S.A.. According to TipRanks, Hayes has an average return of 2.4% and a 54.75% success rate on recommended stocks.

In another report released on March 13, Kepler Capital also maintained a Hold rating on the stock with a €85.00 price target.