UBS reaffirms its 'sell' recommendation on Unilever, despite a price target raised from 3510 to 3700 pence, a new target that still leaves a 9% downside potential for the Anglo-Dutch consumer goods giant's shares.

While acknowledging an 'encouraging' first-quarter publication the previous day, the broker believes that 'doubts and questions remain, as it will be some time before we can properly assess the success of Unilever's strategy'.

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