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BUZZ-Unilever: Goldman cuts to "sell"

Reuters - UK Focus

** Unilever (NYSE: UL - news) cut to "sell" at Goldman Sachs (NYSE: GS-PB - news) as double-whammy of EM slowdown and rise of e-commerce spur downgrade

** GS (KSE: 078935.KS - news) sees Unilever's Food and Homecare units (~45 pct of co's revenue) to be particularly hurt by rising internet sales

** Moreover with 60 pct of Unilever's sales based in EMs where lower growth likely to persist and competition in mass market categories from local companies is high

** GS says while Unilever's foray into high-growth, high-margin beauty business a positive, it accounts for less than 1 pct of sales

** Overall GS sees Unilever face among the greatest downside risk within consumer staples cos in Europe it tracks

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** Despite this stock trades at close to peak valuations and a 5 pct premium to sector (vs a 10-year historical discount of 3 pct), which Goldman says is not justified

** GS cuts 12-month price targets to 35 (from 38) for the Dutch listing and to 2560p (from 2820p) for the UK listing (RM (LSE: RM.L - news) : vikram.subhedar.thomsonreuters.com@reuters.net)