Henkel rating upgraded on cost saving initiatives

- Last updated on GMT

Related tags: Economics, Investment

Germany-based personal care provider has had its financial rating upgraded from neutral to buy on the back of an improved outlook.

Analysts at invesment bank Nomura say that the continued cost-saving potential of the business has been underestimated and that the company is better placed to weather the economic conditions as a result.

The company raised the target price of Henkels share from €25.60 to €39, underlining the fact that a comprehensive restructuring is expected to transform both the company’s operations and its business culture.

Highlighting the upward trend, the company’s second quarter performance showed that, despite sales fell 5 per cent to €3.485m, operating profits shot up 145 per cent to €279m.

Related topics: Business & Financial

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