Goldman Sachs downgrades Beiersdorf after bleak outlook

Loreal SA

27/03/2026 08:55

** Goldman Sachs cuts Germany's Beiersdorf BEIG.DE to "neutral" from "buy", saying the investment case has changed after Nivea full-year brand sales growth decelerated, leading to a disappointing guidance for 2026

** La Prairie brand is "failing to recover" and the margin progression outlook is deteriorating, the broker adds

** GS adds that Beiersdorf, "a pure play skincare business," lacks diversification versus peers like L'Oréal OREP.PA

** The company has no debt but it signals balance-sheet conservatism as the share buyback programme of 750 million euros  ($864 million) is "disappointing" and there has been no M&A since 2022, the broker says

** Out of 24 analysts that cover Beiersdorf, 10 rate the stock "strong buy" or "buy", 10 rate "hold" and 4 rate the stock "strong sell" or "sell" - LSEG data

($1 = 0.8678 euros)

 (Reporting by Emanuele Berro)

 ((emanuele.berro@thomsonreuters.com))