Unilever: attractive valuation, M&A catalyst, upgrade to Buy
Following a good FY23 publication and reassuring calls, we upgrade Unilever to Buy and increase our price target to EUR56, implying 17% upside. We believe now is a good time to play the turnaround and potential M&A activity stories.Unilever is a consumer goods manufacturing group based in the United Kingdom. Co. is engaged in supplying consumer goods in the refreshments, foods, home and personal product categories. Co. supplies its consumers product for nutrition, hygiene and personal care and is active in emerging markets in Asia, Africa, Central & Eastern Europe and Latin America. Co.'s portfolio includes such well-known brands as Knorr, Lipton, Hellmann's, Magnum, Omo, Dove, Lux and Axe/Lynx. Co. manages its brands under the following four category headings: savoury, dressings and spreads; ice cream and beverages; personal care; and home care. Co.'s products are sold in over 190 countries around the world.
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