UBS reaffirms its 'sell' recommendation on Beiersdorf, despite raising its target price from €103 to €110, a new target that leaves 17% downside potential for the stock of the German group that owns Nivea and La Prairie cosmetics.

As was the case for the 2023 earnings release, solid figures were not enough to push the share up, as expectations and valuation appear to be full", explains the broker the day after its annual results.

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