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BUZZ-Preview-European food/HPC: JPM expects weather headwinds to temper top-line acceleration in Q2

** JP Morgan expects European Food and household personal care and cosmetics (HPC) sectors' top-line growth to improve in Q2, though at slightly less run-rate than assumed

** The broker points to weak spring impacting weather sensitive categories in mature markets

** It expects high top line growth to remain key to drive the sectors

** Forecasts Q2 volumes to be slightly better while pricing should be steady and sees top-line growth of 3.6% versus 3,2% in Q1

** JPM prefers Nestle, L'Oréal and Essity (all "overweight") into Q2 with good top- and bottom-line delivery, as well as upside risks to FY expectations

** Expects Essity to report its first margin rise in four quarters, ups target price to SEK 315 from 310

** The broker is cautious short-term on Unilever ("underweight"), and Ontex ("neutral")

** Sees limited catalysts near term for Reckitt ("overweight"), muted top-line for Beiersdorf and Henkel (both "neutral"), risks into H219 weighing on Danone ("neutral")