Goldman Sachs analyst Olivier Nicolai upgraded Heineken to Buy from Neutral with a price target of EUR 118, up from EUR 97. The company faces multiple headwinds in the first half of the year amid ongoing headwinds in Vietnam, weakness in Nigeria and South Africa, the soft start of Q2 in Brazil and Europe, and double-digit input cost inflation, the analyst tells investors in a research note. The firm contends however that Heineken management will maintain its mid to high-single-digit organic EBIT growth guidance in FY23, and even guiding toward the lower end should be a relief for investors. The stock is trading at a forward earnings multiple of 15.3-times after an 8% decline, offering an “attractive” risk-reward.
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