Jefferies upgraded Danone (DANOY) to Buy from Underperform with a price target of EUR 84, up from EUR 62. The firm’s downgrade last September reflected concerns around US. .creamers, China Waters and China Specialized Nutrition, but while Creamers are still challenged, the momentum in protein dairy and China Specialized Nutrition have exceeded expectations, the analyst tells investors in a research note. The firm adds that it now sees a more sustainable run rate of growth for Danone.
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