Beiersdorf: Weaker Q1, Questionable Guidance but Limited Downside Keeps Rating at Hold

Jefferies analyst David Hayes has maintained their neutral stance on 0DQ7 stock, giving a Hold rating on April 15.

David Hayes has given his Hold rating due to a combination of factors related to Beiersdorf’s recent performance and guidance. First‑quarter organic sales came in weaker than already reduced expectations, and the sharp deterioration in March suggests trading conditions were significantly tougher than management had anticipated, raising questions about the reliability of near‑term forecasting.

At the same time, management has reiterated its full‑year sales and operating margin targets, which Hayes views as optimistic given the soft momentum of the Nivea franchise and the likelihood that margins may need to be structurally reset. However, these concerns are partially balanced by the share price trading around a 10‑year low, which limits downside in the near term and supports a neutral, rather than outright negative, stance on the stock.

In another report released on April 15, Kepler Capital also maintained a Hold rating on the stock with a €85.00 price target.