Henkel assumed with Buy from Hold at Jefferies

Jefferies analyst David Hayes upgraded Henkel to Buy from Hold with a price target of EUR 83, up from EUR 76. after assuming coverage of the name. The firm is cautious on the food and household and personal care sector as it expects a further year of de-rating, catalyzed by below-consensus estimates. The analyst prefers value names with operating margin upside, or good categories not fully valued, while avoiding “those with meaningful reinvestment still needed” or priced for “perfection.”