Berenberg Tweaks Henkel Forecasts, Price Target After Q2 Results; Hold Rating Kept

07:19 AM EDT, 08/12/2026 (MT Newswires) -- Berenberg updated its Henkel (HEN.F, HEN3.F) forecasts and price target as analysts saw improving volume trends in the German chemicals company's first-half results. "Group volumes accelerated to 3.2% in Q226 from 1.0% in Q126, 220bp ahead of consensus forecasts. Strong volume growth in Adhesive Technologies (AT; 4.2% versus consensus of 1.7%) benefited from a 150bp working day benefit and [an over] 100bp tailwind from forward buying, as well as improving underlying volume trends. The company now expects 2-4% lfl growth in AT (previously 1-3%). While the stock trades on a c14x 12-month P/E, which is a c5% discount to its five-year average, we view upside and downside risks for Henkel as balanced," the research firm said. As such, Berenberg trimmed its EPS estimate for 2026, while lifting those for 2027 and 2028. It raised its sales forecasts across the three years. Henkel was kept at hold, while its price target was reduced to 76.50 euros from 77.40 euros.