Nomura Securities Maintains a 'Reduce' on Unilever (UN); Still Expect a Letdown
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Price: $42.16 +0.17%
Rating Summary:
3 Buy, 4 Hold, 1 Sell
Rating Trend:
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Today's Overall Ratings:
Up: 11 | Down: 35 | New: 23
Rating Summary:
3 Buy, 4 Hold, 1 Sell
Rating Trend:
Up
Today's Overall Ratings:
Up: 11 | Down: 35 | New: 23
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Nomura Securities maintains a 'Reduce' on Unilever (NYSE: UN) price target of $22.60.
Analyst, David Hayes, said, "Unilever released its latest compiled consensus last night for 2Q sales and 1H and FY 12 results. Consensus is at 4.8% for organic growth in 2Q 12, compared to our estimate of 4.2%. We worry that consensus fails to recognise the Easter timing drag and the higher price comp from 2Q 11. We are at the bottom end of the range for 1H margins (-40bp vs cons -20bp), company indications at 1Q though were for -10bp in 1H. Overall, we see a risk of disappointment in 1H (also taking into account the slowdown in southern Europe and a mixed consumer environment in key markets like India, the US and Brazil since 1Q), which could lead to a cut in FY 12 estimates."
For an analyst ratings summary and ratings history on Unilever click here. For more ratings news on Unilever click here.
Shares of Unilever closed at $33.07 yesterday, with a 52 week range of $29.78-$35.17.
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Analyst, David Hayes, said, "Unilever released its latest compiled consensus last night for 2Q sales and 1H and FY 12 results. Consensus is at 4.8% for organic growth in 2Q 12, compared to our estimate of 4.2%. We worry that consensus fails to recognise the Easter timing drag and the higher price comp from 2Q 11. We are at the bottom end of the range for 1H margins (-40bp vs cons -20bp), company indications at 1Q though were for -10bp in 1H. Overall, we see a risk of disappointment in 1H (also taking into account the slowdown in southern Europe and a mixed consumer environment in key markets like India, the US and Brazil since 1Q), which could lead to a cut in FY 12 estimates."
For an analyst ratings summary and ratings history on Unilever click here. For more ratings news on Unilever click here.
Shares of Unilever closed at $33.07 yesterday, with a 52 week range of $29.78-$35.17.
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