JPMorgan upgraded Unilever to Overweight from Underweight with a 5,100 GBp price target. The analyst also placed the shares on “Positive Catalyst Watch” into the Q2 results. The firm’s analysis of volumes evidences the opportunity for Unilever to catch up versus 2019 levels in Europe. It believes nutrition and ice cream should support fiscal 2024 volume and mix along with early evidence of market share loss bottoming in Europe.
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