Nestle downgraded to Hold from Buy at Berenberg

Berenberg downgraded Nestle to Hold from Buy with a price target of CHF 99, down from CHF 116. Although sell-side consensus expectations for 2024 were already factoring in a cut to management’s guidance, the negative stock reaction after Nestle’s first half results suggests investors were hopeful of a more positive outlook statement, the analyst tells investors in a research note. The firm sees a lack of near-term catalysts for the shares.