David Hayes, an analyst from Jefferies, maintained the Hold rating on Beiersdorf. The associated price target was lowered to €99.00.
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David Hayes has given his Hold rating due to a combination of factors affecting Beiersdorf’s performance and outlook. One of the key considerations is the anticipated growth rate for Nivea in the fourth quarter of 2025, which is expected to be slightly lower than consensus estimates. This suggests that the brand’s growth dynamics have not significantly changed from previous assessments, indicating a cautious outlook.
Additionally, the guidance for the Consumer division’s growth in fiscal year 2026 has been adjusted downward, reflecting potential challenges in the second half of the year. The launch of Nivea Epigenetic and subdued category growth contribute to this tempered outlook. Furthermore, the performance of La Prairie remains a concern, as it has not shown signs of achieving more than 5% growth in the mid-term. These factors, combined with Beiersdorf’s free cash flow yield being slightly below the sector average, support the Hold rating.
In another report released on December 15, Morgan Stanley also maintained a Hold rating on the stock with a €95.00 price target.