Nestle Gets Rare Sell Rating as Morgan Stanley Adds to Tide of Growing Skepticism [BNN Bloomberg (Canada)]
NESTLE S.A S/ADR (NSRGY)
NASDAQ:AMEX Investor Relations:
nestle.com/investors
Company Research
Source: BNN Bloomberg
Shares in the maker of Kit Kat fell as much as 1.2% in Zurich to the lowest since February 2019 after analyst Sarah Simon cut her recommendation to underweight from equal-weight and reduced her price target to the least among analysts tracked by Bloomberg. The stock now has 13 buy-equivalent ratings, 13 holds and two sells, bringing the proportion of buy calls and the average price target to the lowest in more than five years, according to data compiled by Bloomberg. Nestle shares are down 10% this year through Friday's close as the snack maker struggles to win back shoppers. The company last month appointed Laurent Freixe as chief executive officer, replacing Mark Schneider, who had been in the role for almost eight years. Schneider, once popular among investors, had seen his star fade as growth concerns led to his abrupt exit. During Schneider's tenure, Nestle shares had lagged the European benchmark, gaining 20% compared with a rally of more than 40% rally in the Stoxx 600 I
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