Jefferies downgraded Nestle (NSRGY) to Underperform from Hold with a price target of CHF 67, down from CHF 82. The firm fears late phasing of cost-cutting and persistent key input inflation will prompt a consensus operating margin cut to 15.6% from 16.3%, which presents earnings per share risk of 3.5%. The firm also anticipates a flat detailed production schedule for 2024 to be announced during the FY24 earnings report.
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