While maintaining its 'neutral' recommendation on Henkel, UBS has raised its target price from €75 to €81, the day after the German owner of consumer staples brands such as Le Chat, Mir, Schwarzkopf and Loctite reported its quarterly results.

The favorable raw materials mix and environment should lead to a 170 basis point improvement in operating margin this year, but visibility on organic sales growth remains limited at this stage", believes the broker.

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