UNILEVER : Morgan Stanley downgrades to 'Underweight
In a research note, the consultancy believes that the stock's recent rally is 'overdone'.
Following its rebound in recent weeks, the stock is now trading at a PER 2024 of 17.6x, a slight premium to the rest of the consumer staples sector, which is trading at 17.4x earnings, the analyst points out.
An unjustified phenomenon, according to the intermediary, given the Anglo-Dutch FMCG group's low earnings-to-cash conversion rate and its high exposure to emerging markets.
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