UBS ups Beiersdorf on limited downside risk after shares underperfomance

Loreal SA

31/03/2026 10:55

** UBS upgrades Germany's Beiersdorf BEIG.DE to "neutral" from "sell" on limited downside risks after rocky two years

** The Nivea-maker's shares, at EUR 76.74, trade about 48% below their highest price ever of EUR 147.25 in May 2024 - LSEG data

** UBS sees modest upside potential, citing likely slow progress requiring material incremental investments

** "We expect (organic sales) growth to be driven by the continued strength in Derma, while Nivea and La Prairie sequentially improve," the broker says

** UBS, however, remains cautious on "flattish" global category growth, revival of Nivea's market share momentum

** It expects a challenging year ahead, mid-term organic sales growth below main European competitors L'Oreal OREP.PA and Unilever 

** The stock trades at about 17x its 2026 P/E estimate, UBS points out

(Reporting by Danny Callaghan)

((danny.callaghan@thomsonreuters.com))