DEUTSCHE BANK Cuts Beiersdorf to 'Hold'

Immediate Effect

Deutsche Bank analysts have downgraded Beiersdorf AG to "hold" from "buy" with an unchanged price target of €100, implying 17% upside potential.

Analysts' Outlook

In a research note to clients, the analysts said they believe Beiersdorf's valuation is demanding, as the company is trading at a premium to peers.

They also noted that Beiersdorf faces challenges in the near term due to rising input costs and supply chain disruptions.

However, the analysts acknowledged Beiersdorf's strong brand portfolio and leading position in the skin care market.

Reasons for Downgrade

• Elevated valuation compared to peers
• Rising input costs
• Supply chain disruptions

Upside Potential

Despite the downgrade, the analysts see some upside potential in Beiersdorf's shares, as they believe the company is well-positioned to benefit from long-term growth in the skin care market.

They also see potential for margin expansion as Beiersdorf implements cost-saving measures.