Berenberg downgrades Beiersdorf to 'hold' on concerns over plans for Nivea brand

Beiersdorf AG

23/03/2026 08:44

** Berenberg cuts Germany's Beiersdorf BEIG.DE to "hold" from "buy" on poor sales forecast and concerns over its plans for its Nivea brand

** The broker expects a challenging 2026 for the consumer goods maker, with a modest sales growth of 0.7% and a decline of operating margins and EPS

** Despite the skincare market growing around 1% last year and the launch of anti-ageing blockbuster Epicelline in September and Thiamidol in China, Nivea lost market share, the broker notes

** Plans to reallocate investments in R&D, marketing and new product launches to its bodycare and deodorant categories may come at the expense of lower growth in higher-value facecare, the broker adds

** Out of 24 analysts that cover Beiersdorf, 11 rate the stock "strong buy" or "buy,"​ 10 rate "hold" and 3​ rate the stock "strong sell" or "sell" - LSEG data

 (Reporting by Emanuele Berro)

 ((emanuele.berro@thomsonreuters.com))