BofA analyst Victoria Petrova reinstated coverage of Unilever with an Underperform rating and $44 price target. While the firm likes the current organizational structure and strategic focus and expects share gains in Beauty & Wellbeing, Home Care and Nutrition, BofA expects next year’s performance to be challenged. The firm adds that “if we are right” with estimates 1%-3% below on 2023-25 EPS, the “next 18 months will test investor confidence” in medium-term mid-single digit growth targets.
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