Deutsche Bank Downgrades Beiersdorf to Sell Amid Consumer Spending Pressure
Beiersdorf shares fell more than 1% after Deutsche Bank downgraded the consumer staples company to Sell from Hold, citing continued pressure on consumer spending and structural sector challenges. Deutsche Bank cut its target to €61 from €63, and expects the European staples sector to underperform as wallets grow more slowly than GDP, with channel shifts weighing on earnings and valuations.