Stifel maintains its Buy rating on Beiersdorf shares, with a price target reduced from €150 to €148.

The analyst reports that Beiersdorf's outperforming sales momentum was maintained in 4Q23 despite slower growth for Nivea (+12% LFL) and well-identified challenges for La Prairie in the Chinese ecosystem (-14% LFL).

A strong innovation pipeline, white space opportunities and prospects of recovery in the second half for La Prairie should fuel further sales outperformance in 2024, the analyst believes.

Against this backdrop, Stifel reduces its EBIT guidance for FY24 and FY25 by -2%, reflecting FY2023 results and the first guidance for 2024.


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