Berenberg Cuts Price Target, Estimates for Beiersdorf Amid Nivea Rebalancing Delays; Hold Rating Kept

07:02 AM EDT, 08/13/2026 (MT Newswires) -- Berenberg downgraded its price target and earnings projections for Beiersdorf (BEI.F), saying the longer-than-expected rebalancing of Nivea weighed on the personal and skin care company's first-half performance. "Beiersdorf's flagship brand, Nivea, remains locked in a two-pronged battle for its turnaround. Nivea is yet to bridge the gap between sell-in and sell-out, and its strategic realignment is still to drive a notable sell-out reacceleration. This manifested in a weaker-than-expected set of H126 results, pre-released on 3 August. Management rebased expectations for 2026 and beyond, reflecting a longer timeline for the brand's recovery. We reiterate our Hold rating as we expect limited near-term upside from elevated levels of uncertainty and low visibility around the timing of Nivea's turnaround. We lower our price target to EUR72 from EUR82," analysts said Wednesday. Nivea's first-half organic sales fell 6.8, with the company citing temporary sell-in pressures such as inventory destocking, retailer conflicts and weather delays. Beiersdorf noted that the brand's sell-out growth "remained positive" in the first six months of the year. Consequently, management revised its full-year 2026 organic sales guidance for both the group and consumer divisions to a low-single-digit decline, down from previous expectations of flat to slight growth. Against this backdrop and accounting for refreshed currency estimates, the research firm cut its earnings estimates for 2026 to 2028, including forecasts for sales, EBIT and EPS.