DB rearranges ratings on European staples
13/01/2026 10:11
** Deutsche Bank analysts reshuffle their ratings on European consumer staples, downgrading Danone DANO.PA, Haleon HLN.L and Barry Callebaut BARN.S while upgrading Beiersdorf BEIG.DE and L'Oreal OREP.PA ** The analysts say that while lots of negative factors have been priced in within the sector, the market backdrop still remains difficult, and cut ratings for companies which stock prices over-estimate future growth ** DB expect the consumers equities in 2026 will be most impacted by the shift of sales channel to Amazon, rivalry with niche players, and increasing divide between low-, and high-income customers ** It cites an expected a slowdown in the US health and wellness trend and protein consumption as a reason for the Danote cut ** DB notes Haleon is seen as highly exposed to the channel shift from drug stores to Amazon in North America ** In contrast, it favours the German personal care company Beiersdorf on a likely turnaround and priced-in potential risks ** DB also upgrades French cosmetics maker L'Oreal to "hold" from "sell", noting that potential hit to stock from growth risks seem limited
| COMPANY | RATING | OLD RATING | PT | OLD PT |
|---|---|---|---|---|
| BARRY CALLEBAUT | SELL | HOLD | UNCHANGED | CHF 1000.00 |
| DANONE | SELL | HOLD | EUR 67.00 | EUR 74.00 |
| HALEON | SELL | HOLD | GBP 3.40 | GBP 3.60 |
| L'OREAL | HOLD | SELL | EUR 360.00 | EUR 340.00 |
| BEIERSDORF | BUY | HOLD | EUR 105.00 | EUR 98.00 |