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STOCKS NEWS EUROPE-Beiersdorf seen up on Berenberg upgrade

Reuters - UK Focus

Shares in Beiersdorf (Other OTC: BDRFF - news) are indicated to open 1.6 percent higher at the top of Germany's blue-chip DAX index, according to pre-market data, after Berenberg raises its recommendation on the stock to "buy" from "hold", citing a successful repositioning of its Nivea brand.

"We believe the repositioning of the Nivea brand is well on track and key to Beiersdorf's top line and margin expansion," Berenberg analysts write in a note to clients, adding they believe that Nivea could outperform the beauty and personal care market.

They also raise their price target to 85 euros from 72 euros as they resume coverage of Beiersdorf. The stock has gained 13 percent over the past year, underperforming a 27 percent increase by the DAX index.

Reuters messaging rm://maria.sheahan.thomsonreuters.com@reuters.net