Solid but Unspectacular Mid-Single-Digit Growth Leaves Shares Fairly Valued at Hold

Jefferies analyst David Hayes maintained a Hold rating on Nestlé SA today and set a price target of CHF80.00.

David Hayes has given his Hold rating due to a combination of factors, including a better‑than‑expected start to 2026 driven primarily by volume and mix rather than pricing alone. He notes that key categories such as pet care and especially coffee are showing healthier momentum, benefiting as prior price increases roll off and underlying consumer demand stabilizes.

At the same time, Hayes highlights that underlying organic growth, after adjusting for the infant formula recall impact, is running at roughly the mid‑single‑digit level, which he views as solid but not compelling enough to justify a more aggressive stance. With the shares trading at under 15.5x price‑to‑earnings excluding the L’Oréal stake, he sees valuation as broadly fair relative to the growth outlook, leading him to conclude that the stock is appropriately priced and merits a Hold rather than a Buy or Sell recommendation.

In another report released today, RBC Capital also maintained a Hold rating on the stock with a CHF82.00 price target.